Columbia Completes $78M Sale of Pasadena Corporate Park
Columbia Property Trust Inc. completed the sale of Pasadena Corporate Park, a three-building office complex containing 260,000 square feet in Pasadena, CA, for a gross sales price of $78 million. The buyer of the property at 3475 E Foothill Blvd., was unnamed. (4-16-20: Subsequently, Connect Media learned the buyer was Cherng Family Trust, an affiliate of Panda Restaurant Group.)
In 2019, Columbia secured a 65-month renewal at the complex with environmental consulting and engineering firm Tetra Tech for 61,000 square feet. Other tenants at the 94%-leased asset include Green Dot, a provider of low-cost banking and payment solutions.
The complex was built in 1961, and underwent a major adaptive reuse renovation to convert the three buildings of lab space to offices in from 1999 to 2001. Rising Realty Partners manages the asset.
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