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.
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| 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
949.278.6224
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