HFF closes $30 million sale of boutique office building in Old Towne Pasadena, California
LOS ANGELES, CA – August 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30 million sale of 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in the Old Towne neighborhood of Pasadena, California.
HFF marketed the property on behalf of the seller, Equity Office. The buyer was represented by Long Dragon Realty.
150 East Colorado Boulevard is situated on a 1.51-acre site near the 210 and 134 Freeways in the San Gabriel Valley community of Pasadena. Its location in Old Towne Pasadena places it within walking distance of over 20 million square feet of retail amenities, providing the property with a Walk Score® of 97. Additionally, Pasadena is home to the 2nd largest concentration of Fortune 500 Companies in California. The property is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries, including OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers.
The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and director Andrew Harper.
“The sale of 150 East Colorado will enable the new owner to occupy nearly 3,000 square feet of the vacant space for their headquarters, and realize significant near term upside as more than 40 percent of the leased square footage expires in the next three years, with in-place rents more than 10 percent below current market rate,” said Harper.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.