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
Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
Senior community nixes industrial development for more residential
Senior community nixes industrial development for more residential
FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
FivePoint slashes workforce 29%, posts $37M loss
FivePoint slashes workforce 29%, posts $37M loss
Cedars-Sinai's Thomas Priselac and 3400 Lomita Boulevard (Cedars-Sinai, LoopNet)
Cedars-Sinai pays $70M for Torrance medical offices
Cedars-Sinai pays $70M for Torrance medical offices
IGP Business Group's Matt Ilbak and Moreno Valley Mall (IPG Business Group, Moreno Valley Mall)
Indoor mall in Moreno Valley up for mixed-use makeover
Indoor mall in Moreno Valley up for mixed-use makeover
Michael Shabani with 8400 Melrose Avenue (Google Maps, iStock) Gucci, Melrose
Gucci plans flagship at Melrose & Melrose
Gucci plans flagship at Melrose & Melrose
Argent Retail's Terence Bortnick (LinkedIn, iStock)
OC commercial brokerage Argent Retail Advisors files for bankruptcy
OC commercial brokerage Argent Retail Advisors files for bankruptcy
LuMar's Babak Nehoray with10756 W Wilkins Ave (Avvo, Labyrinth)
Developers plan five-story apartment building in place of single-family home in Westwood
Developers plan five-story apartment building in place of single-family home in Westwood
Artist Guild Hotels' Daniel Hyde and the Palmer Building (LinkedIn, AGI)
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
arrow_forward_ios

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

Loading...