CBRE Fund Makes Major Purchase in Troubled Market

The property is 477,000 square feet, with office, retail and onsite parking.

LOS ANGELES—CBRE Global Investors has purchased the Pasadena Towers, a two-building 477,000-square-foot class-A office complex. The purchase price was not disclosed, but sources unrelated to the deal sale that CBRE Global Investors purchased the property for $257 million from Beacon Capital Partners. It is one of five class-A office properties in the market, and recently underwent a massive renovation to the tune of $18 million.

“We were targeting the Los Angeles MSA for office, and we liked the central business district location in Pasadena,” Kim Hourihan, portfolio manager at CBRE Global Investors, tells GlobeSt.com. “We also feel like there is upside to come in Pasadena, being so close to Cal Tech and with some of the trends that are happening with Old Town. It is the premier property in Pasadena, and it is in a fantastic location that is very walkable to all of the surrounding amenities.  All of those things attracted us to this asset.”