In addition to the office tower, the property includes two smaller, adjacent buildings and a parking structure at the corner of Colorado Boulevard and Lake Avenue along the Tournament of Roses Parade route. In addition to Shannon, the CBRE team included Todd Tydlaska, Kevin Duffy, Carlton Maese and Damon Feldmeth. The private buyer, Arcadia-based Singpoli, closed with capital partners in Hong Kong and Taiwan.
Shannon comments that, "A number of the major institutions came out for this property, which is rare in today's market and speaks to both the core value of this asset and to the fact that there are investors with available capital waiting for the right opportunity." The smaller adjacent buildings include the 20,337-square-foot Lieberg Building, a historical landmark that was built in 1926 as Pasadena's first department store. Together, the buildings have a diverse roster of approximately 37 tenants, and have had a 10-year historical occupancy rate of more than 95%.
"There is no doubt that this is a challenging environment to operate in as an investment sales adviser, but there is still an abundance of capital for product that is reasonably priced," says Shannon, who was also involved in the second largest office sale in Orange County this year, One Premier Place and the largest sale in San Diego, Century Park 2, as well as the largest sale in Hawaii, the Gentry portfolio.
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