Graymark Capital buys big Pasadena office complex in R&D hub

The property spans 219K sf with tech and creative office tenants

TRD LOS ANGELES /
Aug.August 27, 2019 03:00 PM
From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building
From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building

Graymark Capital has expanded its Pasadena footprint with the purchase of an office campus whose tenants include technology and creative office firms.

The San Francisco-based firm acquired the Eaton Canyon Tech Center for $30 million, a two-building campus with lease-up potential. More than half of its space is now vacant. The 219,377-square-foot complex also leases out space to medical science firms. It spans nearly 12 acres at 2923 and 2947 Bradley Street, at the base of the San Gabriel Mountains. Graymark declined to comment on future plans for the property.

The seller was Texas-based Lone Star Funds. The campus last sold for $24.4 million in 2015, records show.

The two buildings were completed in 1984. As of July, it was 45 percent leased, according to marketing materials. Tenants include Cogent Communications, York Risk Services Group, Forza Silicon Corp., Abeo Management Corp., and Coverall North America.

Research and development firms have helped drive the strong office market in Pasadena. The city ranks fourth highest in per capita income and takes in more than $1.9 billion in annual federal R&D funding, according to JLL.

Earlier this year, biometrics firms Gemalto Cogent Inc. signed a $14 million lease at a different Pasadena office building owned by Graymark Capital and Blue Vista Capital Management. The two firms purchased that building for $16.3 million. Around the same time, a local firm filed plans to build a medical office and retail complex near Huntington Hospital in Pasadena.

GM Cruise also signed a seven-year, $11.4 million lease for 47,000 square feet in Pasadena this year.


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt and Woodridge CEO Michael Rosenfeld with 101 S. Marengo Avenue, and a rendering of the building (Credit: Google Maps)

CRE investment sales in LA sank like a stone in May

CRE investment sales in LA sank like a stone in May
City National Plaza, CommonWealth CEO Brett Munger Calpers CEO Marcie Frost

CalPERS venture snags $550M refi on City National Plaza tower

CalPERS venture snags $550M refi on City National Plaza tower
Woodridge CEO Michael Rosenfeld with 101 S. Marengo Avenue, and a rendering of the building (Credit: Google Maps)

Windowless but not buyerless: Woodridge sells distinctive Pasadena office complex

Windowless but not buyerless: Woodridge sells distinctive Pasadena office complex
Shaul Kuba and the now-former redevelopment plan (Credit: Department of City Planning)

CIM to buy Baldwin Hills Crenshaw Plaza, scrap resi redevelopment plan

CIM to buy Baldwin Hills Crenshaw Plaza, scrap resi redevelopment plan
Gavin Newsom (Credit: Emma McIntyre/Getty Images)

Retailers and some offices could open first in Newsom’s reopening plan. But there’s a catch

Retailers and some offices could open first in Newsom’s reopening plan. But there’s a catch
Los Angeles office leasing dropped sharply in the first quarter

LA office leasing plummets in Q1 with more trouble ahead: report

LA office leasing plummets in Q1 with more trouble ahead: report
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
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...