CBRE Global Investors to buy SoCal office towers
CBRE Global Investors is under contract to purchase an office complex in Pasadena, Calif., for approximately $257 million, according to Real Capital Analytics. An official announcement has not been made.
The seller is Beacon Capital Partners, which acquired Pasadena Towers in 2012 for $111 million. JLL represented the seller.
The complex totals 439,650 square feet, spanning up nine stories.
At $584 per square foot, the sale is one of the most expensive in Pasadena by price per square foot, according to an article by The Real Deal. In 2015, Panda Restaurant Group purchased the office building at 3452 E. Foothill Blvd. for $566 per square foot.
CBRE Global Investors completed $21.1 billion in transactions globally in 2015, including $11.5 billion in acquisitions as the firm deployed capital on behalf of its funds a