Pasadena Office Asset Acquired by Laurus Corporation
- Feb 09, 2015
A Pasadena office asset was recently picked up by private real estate investment and development firm Laurus Coporation. The company announced the acquisition of 199 South Los Robles, which marks an expansion of Laurus into the country’s second largest office market. Pasadena is one of the best performing submarkets in Los Angeles, with the area being able to maintain a consistently low average vacancy rate over the past decade. Pasadena, along with Glendale and Burbank, is part of Tri-Cities market, one of the top three real estate markets in Los Angeles County.
199 South Los Robles is a Class A office asset that offers 163.194 square feet of space. The eight-story property is located between the cross streets of Cordova and El Dorado, just one block south of the award-winning Paseo Colorado lifestyle center. Also located nearby are Old Town Pasadena, Lake Avenue Business and Shopping District, and the Pasadena Convention Center, as well as the Del Mar Metro Gold Line Station. The asset’s placement also offers great access to the 210, 134 and 110 freeways.
The new owner will take the property through a number of modifications including a well-designed renovation program for the lobby, corridors, bathrooms, elevator lobby, overall common areas and building systems. According to the Chairman of Laurus Coporation, Andres Szita, “These upgrades to the interior and exterior will further drive rental rates, occupancy and tenant satisfaction.” The area features a number of drivers for office demand, with the California Institute of Technology, NASA’s Jet Propulsion Laboratory and the Art Center College of Design. The area features a well-educated workforce, great research facilities and important presences in the technology, healthcare and media sectors.
Image courtesy of trgpartners.com