Windowless but not buyerless: Woodridge sells distinctive Pasadena office complex

Atlas Capital paid $72M for travertine-clad facade that Woodridge sought to transform

Los Angeles /
May.May 06, 2020 02:30 PM
Woodridge CEO Michael Rosenfeld with 101 S. Marengo Avenue, and a rendering of the building (Credit: Google Maps)
Woodridge CEO Michael Rosenfeld with 101 S. Marengo Avenue, and a rendering of the building (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
1 Glen Bell Way (LBA Realty)
LBA Realty sells Irvine office campus where Ford, Taco Bell lease
LBA Realty sells Irvine office campus where Ford, Taco Bell lease
Bardas Investment Group founder David Simon and project renderings of Echelon Studios (Bardas)
Bardas Investment, Bain expand $420M Echelon Studios plan
Bardas Investment, Bain expand $420M Echelon Studios plan
CBS CEO George Cheeks with part of the Studio Center (Getty)
ViacomCBC looks to sell 38-acre production studio campus
ViacomCBC looks to sell 38-acre production studio campus
2221 Park Place (Cardinal Investments)
A pair of El Segundo office conversions sell in eight-figure deals
A pair of El Segundo office conversions sell in eight-figure deals
BLT Enterprises founder Bernard Huberman dies at 65
Bernard Huberman, who built a 3M-sf property portfolio, dies
Bernard Huberman, who built a 3M-sf property portfolio, dies
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
WeWork signs yoga retailer to 70K sf at Beverly Hills office
WeWork signs yoga retailer to 70K sf at Beverly Hills office
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...