Private Investor Purchases Pasadena Property From Katie Cowan Of Cushman & Wakefield For $80M

The property involved in the transaction is a three-building office portfolio located at 2 N Lake Ave, Pasadena, CA, 91101. The asset was sold for $80,000,000.00 and encompasses a total of 242,012 square feet. The portfolio consists of an 11-story building, a three-story building, a single-story building, and a six-story parking garage. At the time of sale, the buildings were collectively 63 percent leased.

Summary of transaction details:

• Property Type: Office portfolio
• Transaction Amount: $80,000,000.00
• Address: 2 N Lake Ave, Pasadena, CA, 91101
• Market: Pasadena
• Square Footage: 242,012
• Seller's Representative: Katie Cowan - Cushman & Wakefield
• Buyer: Private Investor
• Brokers: Erica Finck - Cushman & Wakefield
• The seller: 2 North Lake JV LLC
• Buyer Unrepresented: Yes

The brokers involved in the deal included Mike Condon Jr., Erica Finck, Bailey Dawson, and Marc Renard, all from Cushman & Wakefield. The firm also took part in the future leasing of the property through Shaun Stiles and Steven Marcussen, alongside Katie Cowan. The buyer plans to implement a Class A repositioning of the property, which will involve renovating the lobbies and activating outdoor areas, along with other interior and exterior upgrades.