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The Real Deal Los Angeles

ACCO Engineered Systems spends $112M on new headquarters in Pasadena

Mechanical contracting company will be relocating from Glendale
February 01, 2018 01:15PM

ACCO CEO John Aversano and 888 E Walnut St (Credit: LinkedIn, Loopnet)

ACCO Engineered Systems is moving shop from Glendale to Pasadena.

The firm paid $112 million to acquire the 235,000-square-foot building at 888 East Walnut Street in Pasadena, according to CoStar Group. That’s $15 million less than it traded for in 2007.

JP Morgan & Chase was the seller. It paid IDS Real Estate Group $127 million for the property about 11 years ago, CoStar reported.

ACCO will occupy roughly 130,000 square feet at the former OneWest Bank headquarters location. The bank moved out in the first quarter of last year, leaving 190,000 square feet of vacant space, which led to the discounted price. Other tenants include CenFed Bank, Citibank and OpenX.

The mechanical contracting company, which designs and installs heating and cooling systems as well as plumbing, will be relocating and expanding its headquarters from the 60,000-square-foot facility at 6265 San Fernando Road in Glendale. Late last year, it was in contract to purchase the former Avery Dennison headquarters at 150 North Orange Grove Boulevard in Pasadena. The deal eventually fell out of escrow, and the property sold to Doheny Eye Institute for $50 million.

Shaun Stiles of Cushman and Wakefield represented JP Morgan. Ray Howden and Seth Wellisch of Cresa represented ACCO.

Other major deals in the area include Rockpoint Group’s $161.5 million purchase of the AT&T Building at 177 East Colorado Boulevard in September,  and Sequoia Equities and Dewey Land Company’s joint $74 million purchase of an apartment complex in South Myrtle Avenue.  [CoStar] — Natalie Hoberman