ACCO Engineered Systems Acquires Office Building In Pasadena For $112M

The property involved in the transaction is an office building located at 888 E Walnut St, Pasadena, CA, 91101. The asset encompasses 235,000 square feet and was sold for $112,000,000.00 in Pasadena's market. The buyer, ACCO Engineered Systems, acquired the property from the seller, JP Morgan Chase.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $112,000,000.00
• Address: 888 E Walnut St, Pasadena, CA, 91101
• Market: Pasadena
• Buyer's Representative: Ray Howden (Cushman & Wakefield), Seth Wellisch (Lee & Associates)
• Seller's Representative: Shaun Stiles (Newmark)
• Buyer: ACCO Engineered Systems
• Seller: JP Morgan Chase

ACCO Engineered Systems, a mechanical contracting company, will be relocating from Glendale to Pasadena. The firm will occupy approximately 130,000 square feet at the former OneWest Bank headquarters location. Noteworthy, the property was sold for $15 million less than its 2007 transaction price, amounting to $112 million in the recent deal. Shaun Stiles of Cushman and Wakefield represented JP Morgan, while Ray Howden and Seth Wellisch of Cresa represented ACCO in this transaction.