Donald Bren’s Irvine Company sold an office building located in downtown Pasadena to East West Bank for about $98 million, records reveal. That’s a steep decline from its $144 million purchase price in 2012.
The deal for the five-story, 270,000-square foot property called Western Asset Plaza came out to about $360 per square foot. CoStar first reported the 385 East Colorado Boulevard trade.
Newport Beach-based Irvine Company did not comment, and East West Bank did not immediately respond to a request. The bank co-owns its nearby headquarters and told CoStar the purchase provides flexibility for future expansion.
It’s the latest selloff by the Irvine Company in markets outside its home base of Orange County, where most of its about 129 million square feet of office buildings, apartment communities, retail centers and more are located.
In late October last year, the company sold its last downtown San Diego office tower after a year-long, discounted selling spree — unusual for the commercial giant owned by the country’s richest developer. Bren sold One American Plaza, a 34-story tower at 600 West Broadway, for $120 million to John and Payton Saca. The Southern California behemoth paid about $300 million for the 650,000-square-foot property almost two decades prior.
The company held on to other real estate in the La Jolla neighborhood of San Diego. So, there is no telling whether the Pasadena trade will kickstart another selling spree in the Los Angeles area or not. Among other properties in L.A., Irvine Co. owns 2121 Avenue of the Stars in Century City, Los Angeles’ best performing office sector. (Plus, Bren may be selling a 50-story tower at 1 North Wacker Drive in Chicago).
Irvine Co. purchased the Pasadena office building in 2012 from Centurion Real Estate Partners, and its co-founder Jeffrey Worthe, now president of Worthe Real Estate group, signed the deed. Irvine Co. acquired it for $144 million, per CoStar.
Three years ago, Irvine Company announced Western Asset Management renewed its lease at its namesake building. It leased 184,500 square feet, which amounts to roughly two-thirds of the space. There were no more details, other than that the property was 90 percent leased then.
Another Pasadena office, minutes away at 790 East Colorado Boulevard, traded hands for $31.5 million, which was lower than the $59 million it commanded earlier. The seller was Swift Real Estate Partners, and GD Realty was the buyer. The 146,000-square-foot property was 70 percent leased. That discounted trade came out to about $216 a square foot, so less than Bren’s deal.
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Commercial
Los Angeles
Irvine Co dumps last downtown San Diego office tower
Commercial
Los Angeles
From $59M to $31M: Swift sells Pasadena office building