An unnamed private buyer based in Los Angeles has acquired a three-building office portfolio in Pasadena for $80 million from a joint venture between private family office based in Hong Kong and Los Angeles. The three-building office portfolio totals 242,012 square feet and is located in Downtown Pasadena.

The property includes 2 N Lake Ave, an 11-story building built in 1985; 911 E Colorado Blvd., a three-story building built in 1927; and 902 Boston Ct., a small one-story building built in 1900. The properties also include a six-story parking garage. The buyer plans to reposition the properties into class-A quality buildings. The capital improvements will include new lobbies, activated outdoor areas and other interior and exterior upgrades to attract and retain office tenants.

Cushman & Wakefield's Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard represented the seller in the deal, along with assistance from Shaun Stiles, Steven Marcussen and Katie Cowan.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.