Suburban Los Angeles Office Park Trades for $78M

Pasadena Corporate Park. Image courtesy of Charles LeNoir

The Pasadena Corporate Park in Pasadena, Calif., has changed hands for $78 million. Columbia Property Trust sold the three-building, 260,000-square-foot office property after almost 13 years of ownership. According to Yardi Matrix data, the Class A portfolio last changed hands in 2007 for $54.1 million.

Located at 3465 and 3475 E. Foothill Blvd., Pasadena Corporate Park is off Interstate 210 and within a 20-minute drive of northeast Los Angeles. The property includes two- and three-story structures, originally built as laboratories between 1962 and 1965. Following an adaptive reuse program, the three buildings were converted to offices in the early 2000s, according to the same data provider.

Major tenants include Green Dot Corp., a provider of low-cost banking and payment solutions, and Tetra Tech, an environmental consulting and engineering firm. Last year, Tetra renewed its 61,000-square-foot lease for an additional five years.

At the beginning of the year, Columbia Property Trust also sold a Class A office campus in suburban Pittsburgh, home to Westinghouse Electric Co. The property traded for $180 million.