Atlas Capital Group Closes Los Angeles Value-Add Acquisition

101 S. Marengo Ave. Image courtesy of JLL

Atlas Capital Group is the new owner of the former Bank of America building, a five-story, 315,000-square-foot Class A office property in Pasadena, Calif., according to public records. JLL Capital Markets represented the seller and procured the buyer for the transaction but did not disclose the parties involved or the price paid.

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Located at 101 S. Marengo Ave., the white, windowless rectangular building had been used by Bank of America as a corporate office for customer service, data management and other back-office operations since it was built in 1974. Bank of America’s lease expired in early 2019 and the property has been vacant since then. JLL confirmed the new owner will be renovating the building as a multi-tenant property and expects it to become one of the premier office spaces in the Tri-Cities market.

The building is situated on a 2.88-acre site one block from the LA Metro Gold line and in close proximity to numerous freeways, including the 110, 134 and 201 Freeways that provide east and west access to the Greater Los Angeles area. The property, which has a Walk Score of 98, is located in the Old Town Pasadena neighborhood with dining, retail and entertainment offerings as well as Paseo Colorado, an outdoor lifestyle destination with top-tier shopping, dining and entertainment including Archlight Cinemas, Equinox, Yard House and P.F. Chang.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Leggett and Andrew Harper and Director Will Poulsen, as well as Managing Director Patrick Church with the JLL leasing team.

Pasadena portfolios

The Pasadena Corporate Park has also recently changed hands with longtime owner Columbia Property Trust selling the three-building, 260,000-square-foot office property for $78 million. Located at 3465 and 3475 E. Foothill Blvd., Pasadena Corporate Park has two- and three-story buildings with tenants including Green Dot Corp. and Tetra Tech.

In November, Swift Real Estate Partners acquired a three-property, 516,890-square-foot office portfolio in Pasadena from PGIM Real Estate for $193 million. The purchase was made through the real estate investment firm’s $500 million Fund III. JLL Capital Markets represented the seller, procured the buyer and worked on behalf of Swift to secure a $160 million loan through Nuveen Real Estate. Known as the Pasadena Collection, the properties are located at 790 E. Colorado Blvd., 155 N. Lake Ave. and 35 N. Lake Ave.