Two months after listing the former Pasadena Star News building for sale, Beverly Hills-based Greenbridge Investment Group has paid $31 million to acquire a nearby office property.
Genton Cockrum Partners, a privately held real estate firm based in West Hollywood, sold the three-story building, named Six25 Fair Oaks, after acquiring it for $20 million in August 2014, property records show.
The firm is also developing the Four Seasons Private Residences Los Angeles, which will be topped off with a “paparazzi-proof” penthouse asking $50 million.
Located at 625 Fair Oaks Avenue in South Pasadena, the property spans just under 93,000 square feet. When it hit the market in November it was already 70 percent leased, with tenants ranging from technology, design and creative industries.
Chalvis Evans of CBRE brokered the sale.
Greenbridge Investment, led by Sean Hashem and Fareed Kanani, will be joining Coretrust Capital and ACCO Engineered Systems in Pasadena, both of which recently acquired office campuses for $260 million and $112 million, respectively.
The recent sales may have prompted some longtime investors to put their properties on the market. Last month, Fuller Theological Seminary listed its 13-acre campus for sale without an asking price. Meanwhile, Greenbridge Investment put the former Pasadena Star News Building on Colorado Street on the market for $50 million.