Windowless but not buyerless: Woodridge sells distinctive Pasadena office complex
Atlas Capital paid $72M for travertine-clad facade that Woodridge sought to transform
Woodridge Capital Partners has sold a 346,000-square-foot office building in Pasadena, a year after having sought approvals to transform the windowless yet distinctive property.
The buyer, Atlas Capital Group, paid $72 million, records show.
The six-story building sits on about three acres at 101 S. Marengo Avenue in downtown Pasadena. The property is locally referred to as the Bank of America building after its first and longtime tenant.
Last year, Woodridge sought to overhaul the 45-year-old building into Class A office space. The plan included adding windows to the travertine-clad facade.
The building was conceived by architects working for noted designer Edward Durrell Stone and has become something of a landmark for its unusual appearance. Early last year, city officials decided it wasn’t eligible for historic preservation, which allowed Woodridge to file for the overhaul.
JLL claimed the roughly 70,000-square-foot floor plates are some of the largest contiguous spaces in Los Angeles. The property has a roof deck and a 782-vehicle underground parking garage. The building is wrapped by about 82,000 square feet of open plaza space, the bulk of which faces the Pasadena Convention Center.
The sale marks one of the larger office deals in Pasadena this year, with activity severely interrupted by the coronavirus. Earlier this month, the family behind the Panda Express fast food chain bought a corporate park in the city from Columbia Property Trust for $78 million.
In November, Woodridge announced it was nearing completion on its 268-unit, two-tower condo project in Century City that has faced financing and permitting delays.