Wednesday, August 31, 2016

HFF closes $30 million sale of boutique office building in Old Towne Neighborhood, Pasadena, CA

150 East Colorado Boulevard Office Building, Old Towne Neighborhood, Pasadena, CA

LOS ANGELES, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30 million sale of 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in the Old Towne neighborhood of Pasadena, California.

HFF marketed the property on behalf of the seller, Equity Office.  The buyer was represented by Long Dragon Realty.

Ryan Gallagher
150 East Colorado Boulevard is situated on a 1.51-acre site near the 210 and 134 Freeways in the San Gabriel Valley community of Pasadena.  Its location in Old Towne Pasadena places it within walking distance of over 20 million square feet of retail amenities, providing the property with a Walk Score® of 97.

 Additionally, Pasadena is home to the 2nd largest concentration of Fortune 500 Companies in California. 

The property is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries, including OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers.     

The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and director Andrew Harper.

“The sale of 150 East Colorado will enable the new owner to occupy nearly 3,000 square feet of the vacant space for their headquarters, and realize significant near term upside as more than 40 percent of the leased square footage expires in the next three years, with in-place rents more than 10 percent below current market rate,” said Harper. 

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

 Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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