Buyer revealed: Gabay brothers pick up Pasadena office portfolio for $80M

Singpoli Capital sells three-building, 242K sf complex

Los Angeles /
Aug.August 30, 2021 10:48 AM
Mark and Arman Gabay with the Pasadena office (CBRE)
Mark and Arman Gabay with the Pasadena office (CBRE)

The Gabay brothers have purchased a trio of office properties in Pasadena for $80 million, The Real Deal has learned.

Developers Mark and Arman Gabay, who co-founded Charles Company, bought the 242,000-square-foot complex at 2 North Lake Ave. and East Colorado Blvd. from Singpoli Capital, records show. The Los Angeles Business Journal first reported the sale, but did not mention the buyer or the seller.

The brothers also secured a $56 million loan from East West Bank on the complex.

Singpoli, a Los Angeles-based real estate investment firm run by Kin Hui, bought the property for $51.95 million in 2009, records show. The firm could not be reached for comment.

The portfolio, which includes an 11-story office building, a three-story property and a one-story building built in 1900, was 63 percent leased at the time of sale, according to LABJ. The Gabay brothers are planning to make some renovations to the property.

Many buyers have flocked to the Pasadena office market recently, including Charing Cross Partners, which picked up a 78,000-square-foot building for around $43 million earlier this month. In July, LPC West and Angelo Gordon purchased a 241,000-square-foot office campus for $72.5 million.

Charles Company has recently shifted around its portfolio, offloading a 247,000-square-foot office and industrial property in the San Gabriel Valley and trying to sell a trio of retail properties in Beverly Hills for $52 million.

The brothers are also planning to build a large residential and retail development in West Hollywood.

The Gabays’ recent moves come after Arman Gabay was arrested on federal charges in May 2018 for allegedly paying off an L.A. County employee in exchange for obtaining a $45 million county lease. He has denied all allegations and his trial is set to begin in May of next year.





    Related Articles

    arrow_forward_ios
    From left: Greenbridge Investment Partners' Sean Hashem and Fareed Kanani with  525 E. Colorado Blvd (Getty, Loopnet, Greenbridge)
    Burrito chain leases at historic newspaper building in Pasadena
    Burrito chain leases at historic newspaper building in Pasadena
     Pasadena Councilman Tyron Hampton with 710 stub (City of Pasadena, Getty)
    710 stub in Pasadena could take 10 years to develop
    710 stub in Pasadena could take 10 years to develop
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Hudson Pacific Properties, Getty)
    Google denies any construction delays at One Westside
    Google denies any construction delays at One Westside
    WeWork CEO Sandeep Mathrani and WeWork Lantana at 3000 Olympic Boulevard in Santa Monica (WeWork, Illustrtaion by The Real Deal with Getty)
    WeWork, L.A. Chamber link for back-to-office push
    WeWork, L.A. Chamber link for back-to-office push
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Getty, Hudson Pacific Properties)
    Google faces delays on One Westside buildout
    Google faces delays on One Westside buildout
    621 Hawaii Street (LoopNet)
    Office-industrial portfolio costs BLT Enterprises $150M
    Office-industrial portfolio costs BLT Enterprises $150M
    2600-2800 Colorado Avenue in Santa Monica with Worthe Real Estate Group's Jeffrey Worthe and Lionsgate CEO Jon Feltheimer (Loopnet, Getty)
    Lionsgate seeks to sublease part of Santa Monica HQ
    Lionsgate seeks to sublease part of Santa Monica HQ
    Virgin Hyperloop Interim CEO/CFO and Board Member Raja P. Narayanan and ROW DTLA (ROW DTLA, LinkedIn/rajanarayanan)
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    arrow_forward_ios

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

    Loading...