Tuesday, May 28, 2013

PCCP, LLC Provides $24.3 Million Senior Loan to Legacy Partners and AllianceBernstein U.S. Real Estate Partners, L.P. Joint Venture to Acquire, Re-position and Lease a Pasadena, CA Office Campus


                                    150 Orange Grove, Pasadena, CA

Los Angeles, CA,  May 28, 2013 - PCCP, LLC announced today it has provided a $24.3 million senior loan to a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, re-position and lease 150 Orange Grove, a 103,169-square-foot class A office campus in Pasadena, Calif.

Ron Bonneau
The seller, Avery Dennison, a global leader in labeling and packaging materials and solutions, occupies 100 percent of the property. The company will lease back the space through early 2014 as it finalizes its relocation plans. 

The joint venture plans to invest a significant amount of capital into renovations and building systems with the goal of attracting a new tenant to the property.

The asset was built by Avery Dennison in 1981 and has served as its corporate headquarters ever since. The four-story office building consists of three inter-connected “pods” that can efficiently offer single or multi-tenant configurations. 

Other amenities include a fitness center, meeting space, executive dining room, and cafeteria. The 7.24-acre site is a unique campus setting with lush landscaping, a koi pond, and outdoor patios with fountains.

“This is the only available true campus environment in Pasadena and is really a unique property for Los Angeles County,” said Ron Bonneau, vice president with PCCP in the Los Angeles office.

 “Avery has occupied the building since it was built, with no opportunity for other tenants to lease space.  Once renovations are complete, the space should be in high demand.”

The renovations will begin in late 2013 and are expected to be completed by mid 2014. 

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

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