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Equity Office Divests Pasadena Asset for $30M

Chicago-based Equity Office sold 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in Pasadena, CA’s Old Town neighborhood to a Los Angeles-based investor for $30 million. The 1.51-acre property is 89.3% leased to tenants in the healthcare, insurance, technology and professional service industries.

Holliday Fenoglio Fowler’s Ryan Gallagher and Andrew Harper marketed the property on behalf of the seller. The buyer was represented by Arcadia, CA-based Long Dragon Realty.

HFF’s Harper says, “The sale of 150 East Colorado will enable the new owner to occupy nearly 3,000 square feet of the vacant space for their headquarters, and realize significant near term upside as more than 40% of the leased square footage expires in the next three years, with in-place rents more than 10% below current market rate.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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