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Engineers pension fund lists Pasadena office building
The 200K sf property could trade for around $70M, brokers estimate
A pension fund for operating engineers put on the market a 208,000-square-foot office building in Pasadena.
Operating Engineers Funds listed the Lake Corson Building at 301 N. Lake Avenue at an undisclosed price, the Los Angeles Business Journal reported.
The Pasadena-based fund, which represents more than 20,000 members of the International Union of Operating Engineers, bought the complex in 2008, property records show. The 11-story building was constructed in 1989.
Brokers familiar with the property estimate it could sell for roughly $350 per square foot, or $73 million, according to the report. That’s in the same ballpark as what Coretrust Capital recently paid for the four-building Corporate Center Pasadena Campus last month. That $260 million deal for the 640,000-square-foot campus translated to just over $400 a square foot.
Todd Tydlaska of CBRE has the listing on the Pasadena office.
Joseph Ehrbar is fund manager for Operating Engineers Funds. Its headquarters is about a mile away, at 100 Corson Street. [LABJ] — Natalie Hoberman