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