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

GWP is majority owner; Magna holds minority position

Mar.March 03, 2020 02:22 PM
199 South Robles Avenue in Pasadena (Credit: Google Maps)
199 South Robles Avenue in Pasadena (Credit: Google Maps)

GWP Real Estate was the chief buyer behind a $55 million Pasadena office deal last month, the Beverly Hills firm’s latest investment in the area.

GWP scooped up an 85 percent stake in the 167,000-square foot-building at 199 S. Los Robles Ave. on a quiet stretch of commercial buildings on Pasadena’s south side, acquiring it from Laurus Corporation, a Century City-based property investor.

The sale closed Feb. 10 and was brokered by CBRE’s Mike Longo. The deal penciled out to about $346 per square foot.

The deal comes five years after Laurus bought the 1983-built property for close to the same price, $52.5 million. In the past five years, the property has seen an exodus of tenants including Pacific Premier Bank, and there have been questions about the building’s management.

David Pashaie, a managing partner at GWP, said in an interview that his company inherits a property with about 70 percent occupancy and tenants including Kaiser Permanente, Spokeo, Synopsys, and Everest Properties.

Pashaie said the property’s value could improve if properly managed, particularly in a promising Pasadena office market. The GWP executive said his firm will implement amenities such as a tenant lounge, a fitness center and a renovated courtyard.

The deal’s minority investors include Magna Capital Group, a Beverly Hills Company.

GWP, which stands for Golden West Properties, made headlines two years ago when it teamed up with Starpoint Properties to acquire the Adidas and Burn Fitness building at the Third Street Promenade in Santa Monica for $30.3 million.

The Beverly Hills outfit also owns the Santa Monica Medical Plaza near the tourist-heavy promenade as well as shopping plazas in Beverly Hills, Marina del Rey, Encino and West Hollywood.

GWP’s Pasadena holdings include a 143,000-square-foot office tower at the intersection of Los Robles Avenue and El Dorado Street, according to the company’s website.

Related Articles

250 N. Halsted Street and 3475 East Foothill Boulevard

Panda Express family buys Pasadena corporate park for $78M

From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building

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

Justin Stewart, president and co-founder of Industrious

Co-working firm Industrious grows its reach to Pasadena

A rednering of the project and EF CEO Edward Hult (Credit: The City of Pasadena)

Private boarding school approved for Gensler-designed student housing complex in Pasadena

Regency Park Senior Living President Emil Fish

Senior living developer proposes new Pasadena complex

James Li and 141 South Lake Avenue (Credit: Google Maps)

Pasadena portfolio: Developer plans 3rd resi complex in the city

650 South Raymond Avenue (Credit: Google Maps)

The doctor is in: Medical office complex planned near Pasadena’s Huntington Hospital

Pete Kutzer and Kutzer's new Whole Foods (Credit: Linkedin)

Kutzer Company snags Whole Foods, two acres in Pasadena