Read all about it: Star-News building in Pasadena lists for $50M

The property formerly housed the Pasadena Star-News

TRD LOS ANGELES /
Mar.March 23, 2018 12:25 PM
Co-founder Sean Hashem of Greenbridge

The former Pasadena Star News building hit the market, with a $50 million asking price.

Beverly Hills-based Greenbridge Investment Partners is seeking to make a hefty profit on the 84,000-square-foot property at 525 E. Colorado Street in Pasadena, CoStar reported. The firm paid $16.6 million for the site four years ago, when it became available as a result of a bankruptcy proceeding, according to the report.

Tenants at the four-story building include 24 Hour Fitness and New School of Cooking. The property, built in 1925, was the former home of the daily newspaper Pasadena Star News, before the company moved to 2 N. Lake Ave., also in Pasadena.

The Pasadena Star News property also includes a 207-vehicle garage nearby, at 473 E. Union Street.

Bob Safai and Brad Schlaak of Madison Partners have the listing.

Greenbridge, led by Sean Hashem and Fareed Kanani, also owns an 18,400-square-foot retail food hall in Koreatown, a Class-A office building in Panorama City and an office building in Tarzana, according to its website.

Elsewhere in Pasadena, ACCO Engineered Systems dropped $112 million for a 235,000-square-foot property at 888 E. Walnut Street last month, while Rockpoint Group spent nearly $162 million for the AT&T Building at 177 E. Colorado Boulevard. Should the historic Star News building sell between its asking price of $535 and $565 per square foot, it would top both of those deals. [CoStar] — Natalie Hoberman


Related Articles

arrow_forward_ios
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
The Pasadena home (Credit: Douglas Elliman of CA, Inc.)

Pasadena’s Chandler Estate in contract

Pasadena’s Chandler Estate in contract
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
250 N. Halsted Street and 3475 East Foothill Boulevard

Panda Express family buys Pasadena corporate park for $78M

Panda Express family buys Pasadena corporate park for $78M
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
199 South Robles Avenue in Pasadena (Credit: Google Maps)

Beverly Hills investors fork over $55M for Pasadena office building

Beverly Hills investors fork over $55M for Pasadena office building
arrow_forward_ios

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

Loading...