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Coretrust Claims Coveted South Lake Ave. Campus in Pasadena
Coretrust Capital Partners, LLC acquired Corporate Center Pasadena, the largest office campus in Pasadena, from UBS Realty, for a reported amount in the $260 million neighborhood. The four-building 640,000-square-foot campus, located at 201, 225, 251 and 283 South Lake Ave., sits on a six-acre, full city block.
Located in the heart of the South Lake Avenue retail district, the property was sold by an ownership group that controlled the property for more than 30 years. The asset includes more than 600,000 square feet of office space, roughly 40,000 square feet of retail space, a 60,000-square-foot plaza and more than 2,000 parking stalls.
Coretrust plans a more than $90-million renovation to create a distinct collaborative campus. That includes upgrading the buildings with state-of-the-art technologies, creating inviting public spaces including plazas, gardens and terraces, updating all lobbies, modernizing elevators, and adding on-site tenant serving businesses.
The acquisition was made through the Coretrust Value Fund I.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
