Coretrust to acquire major Pasadena office complex for $260M

The 640K sf campus, long owned by UBS Realty, appears ripe for a reposition

Los Angeles /
Mar.March 14, 2018 08:00 AM
Corporate Center Pasadena at 251 South Lake Avenue (Credit: Corporate Center Pasadena)

Coretrust Capital will buy a Pasadena office complex for about $260 million, with an apparent eye toward repositioning the four-building property.

Los Angeles-based Coretrust will acquired the 640,000-square-foot Corporate Center Pasadena campus from UBS Realty, according to Real Estate Alert, which first reported the sale. UBS had quietly listed the six-acre property through Eastdil Secured in August.

With a 22 percent vacancy rate, Coretrust seems likely to reposition the property, which sits on six acres at 251 South Lake Avenue, according to REA. Its vacancy rate was significantly higher than the rest of the county, which had an average of 14.4 percent during the third quarter of 2017, according to CBRE.

UBS, which has owned Corporate Center Pasadena for 30 years, said buyers could renovate the common areas to create a collaborative campus, and boost rents. Corporate Center Pasadena, which spans a full city block, had 17 suites available to rent under the “Leasing Opportunities” section of its website, some with more than 20,000 square feet.

That’s a strategy Coretrust seems to be deploying elsewhere. The company acquired Citigroup Center in Downtown L.A. for roughly $340 million in 2016. At the time, the building occupancy rate was below the average in Downtown L.A. Coretrust will spend $50 million to upgrade the building.

The company did not immediately return requests for comment on its plans for the Pasadena property. [REA] — Hannah Madans


Related Articles

arrow_forward_ios
Kilroy CEO on California prosecutors: “We’re gonna throw these bums out”
Kilroy CEO on California prosecutors: “We’re gonna throw these bums out”
Kilroy CEO on California prosecutors: “We’re gonna throw these bums out”
LA North Studios signs 71K sf deal in Valencia
LA North Studios signs 71K sf deal in Valencia
LA North Studios signs 71K sf deal in Valencia
John Kilroy, chairman and CEO, Kilroy Realty (Getty Images, iStock)
Kilroy reps SoCal on Bloomberg gender-equality index
Kilroy reps SoCal on Bloomberg gender-equality index
Netflix co-CEOs Reed Hastings and Ted Sarandos and Raleigh Studios with Hackman Capital Partners CEO Michael Hackman and George Rosenthal of Raleigh Enterprises (Getty, Hackman Capital, Raleigh Studios)
Netflix gets lease, options on Raleigh Studios
Netflix gets lease, options on Raleigh Studios
Hines finds a Penney among $250M in SoCal buys
Hines finds a Penney among $250M in SoCal buys
Hines finds a Penney among $250M in SoCal buys
Marc DeLuca, chief executive officer and regional president, Eastern Region; Chuck J. Schreiber Jr., president and chairman (KBS)
Schreiber gives up corner office at KBS
Schreiber gives up corner office at KBS
AEG CEO Dan Beckerman and the Ritz-Carlton and JW Marriott hotels at the complex at 800 West Olympic Boulevard (Getty, Google Maps)
AEG looks to sell stake in LA Live hotels
AEG looks to sell stake in LA Live hotels
Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
Xebec looks to flip Sylmar industrial to self
Xebec looks to flip Sylmar industrial to self
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...