Lend Lease Pays $22 Mil for Pasadena Office Building

LOS ANGELES-In one of the San Gabriel Valley’s largest sales of the year, New York-based Lend Lease Real Estate Investment has agreed to pay nearly $22 million for a 124,000-sf office building in Pasadena.

The six-story building stands at 200 S. Los Robles. The seller is an investment group that includes Insignia Financial Group and Citigroup, both of which are also based in New York.

None of the brokers involved in the sale would disclose the transaction’s value. But sources familiar with the mid-rise building tell GlobeSt.com that it fetched about $22 million.

The Tri-Cities submarket of Pasadena, Burbank and Glendale has been holding up fairly well over the past several months. Although Burbank-based Walt Disney Co. has been trimming payroll, other entertainment and financial-services firms in the area are continuing to grow.

An Insignia/ESG team of David Doupe and Larry Krasner brokered the transaction.