In addition to the office tower, the property includes twosmaller, adjacent buildings and a parking structure at the cornerof Colorado Boulevard and Lake Avenue along the Tournament of RosesParade route. In addition to Shannon, the CBRE team included ToddTydlaska, Kevin Duffy, Carlton Maese and Damon Feldmeth. Theprivate buyer, Arcadia-based Singpoli, closed with capital partnersin Hong Kong and Taiwan.

Shannon comments that, "A number of the major institutions cameout for this property, which is rare in today's market and speaksto both the core value of this asset and to the fact that there areinvestors with available capital waiting for the rightopportunity." The smaller adjacent buildings include the20,337-square-foot Lieberg Building, a historical landmark that wasbuilt in 1926 as Pasadena's first department store. Together, thebuildings have a diverse roster of approximately 37 tenants, andhave had a 10-year historical occupancy rate of more than 95%.

"There is no doubt that this is a challenging environment tooperate in as an investment sales adviser, but there is still anabundance of capital for product that is reasonably priced," saysShannon, who was also involved in the second largest office sale inOrange County this year, One PremierPlace and the largest sale in San Diego, Century Park 2, aswell as the largest sale in Hawaii, the Gentry portfolio.

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