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California  + Los Angeles  + Office  | 
2 N Lake Pasadena

Three-Building 2 N. Lake Finds Buyer at Cool $80M

A three-building office portfolio totaling 242,012 square feet in downtown Pasadena known as 2 N. Lake recently sold for $80 million. The buyer was a Los Angeles-based private investor that acquired the asset from 2 North Lake JV LLC, a private family ownership located in Hong Kong and Los Angeles.

The portfolio comprises an 11-story, a three-story and a small one-story building plus a six-story parking garage located at the intersection of North Lake Avenue and East Colorado Boulevard. The buildings, two of which have existed in downtown for approximately a century, are collectively 63 percent leased to a diverse tenant roster.

The buyer plans a major class-A repositioning of the property including improving the lobbies, activating the outdoor areas and making other upgrades.

The Cushman & Wakefield team led by Mike Condon Jr. and his partners Erica Finck, Bailey Dawson and Marc Renard represented the seller, while the buyer was unrepresented. The firm’s Shaun Stiles, Steven Marcussen and Katie Cowan also provided market expertise and were retained for future leasing of the asset.

“This portfolio sale of the high vacancy value-add office portfolio is another indicator that the office market recovery is in full effect and investment is being recalibrated back into this sector,” said Condon. “2 N. Lake Avenue represents one of the few remaining reposition opportunities in one of LA’s strongest submarkets and also boasts some of Southern California’s best demographics and leasing fundamentals. This portfolio is positioned in an incomparable location at historic ground zero of Lake and Colorado in Pasadena’s central business district, walkable to many amenities plus easy freeway access.”

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Inside The Story

Mike Condon

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition
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