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JLL Handles Pasadena Value-Add, Redevelopment Opportunity

101 S. Marengo, a 315,000-square-foot, Class A office asset in Pasadena has traded hands for reportedly $72 million. Originally built in 1974, the building was occupied for many decades by a single tenant that vacated in 2019. Bank of America housed a credit card processing facility at the site.

The asset is located on a 2.88-acre transit-oriented site near Old Town Pasadena, just a block from the LA Metro Gold line and close to numerous freeways. 101 S. Marengo now offers the potential to fully renovate the building and create one of the premier office buildings in the Tri-Cities.

JLL Capital Markets team representing the seller, Woodbridge Capital Partners, was led by Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church with the JLL leasing team. JLL also procured the buyer, reportedly Atlas Capital Group.

*Story has been updated 6.1.2020 with names of buyer and seller, as well as acquisition price.

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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.