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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