Windowless but not buyerless: Woodridge sells distinctive Pasadena office complex

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

TRD 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
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
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
From left: Owen Fileti, and Felipe Gomez

Startup brokerage HelloOffice expands to LA, hires former top LA Realty broker

Startup brokerage HelloOffice expands to LA, hires former top LA Realty broker
Ruth Group President Bob Ruth

Vacancies abound in LAX office submarket but so do investors

Vacancies abound in LAX office submarket but so do investors
arrow_forward_ios

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

Loading...