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Pasadena office complex is acquired for $52 million

The sale of two buildings and a parking structure to local and Asian investors may be the largest office property sale of the year in Los Angeles County, according to brokerage CB Richard Ellis.

September 23, 2009|Roger Vincent

Local and Asian investors bought a prominent Pasadena office complex for $52 million in what may be the largest office property sale of the year in Los Angeles County, a real estate brokerage said Tuesday.

The 11-story tower was acquired by Singpoli of Arcadia with financial partners in Hong Kong and Taiwan, according to brokerage CB Richard Ellis.

Also included in the sale of the property at the northeast corner of Colorado Boulevard and Lake Avenue was the two-story Lieberg Building, a historical landmark that was built in 1926 as the city's first department store and now is home to the Pasadena Star-News.

There were several bidders for the buildings and a parking structure, which were sold by Grosvenor Americas, said broker Kevin Shannon of CB Richard Ellis. Grosvenor is an international real estate investor based in London.

"A number of the major institutions came out for this property, which is rare in today's market and speaks to both the core value of this asset and to the fact that there are investors with available capital waiting for the right opportunity," Shannon said.

The 203,911-square-foot tower at 2 North Lake Ave. is about 90% occupied, according to real estate data provider CoStar Group. Tenants include clothier Brooks Bros. and Bank of America.

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roger.vincent@latimes.com

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