CBRE Announces $7 Million Sale of Office Building in Pasadena, Calif

CBRE arranged the sale of a 9,481-square-foot office building in Pasadena, Calif. to Diamond Green, LLC, a local real estate investment group, for $7 million.

CBRE’s Kyle Barratt, Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez represented the seller, a California-based foundation, in the transaction.

“CBRE ran a competitive bid process, which generated multiple offers and significant buyer interest,” said Barratt. “The process helped to maximize value and created favorable deal terms for the seller.”

Added Duffy, “This rare owner-and-user opportunity on Green Street in Pasadena was highly sought after by companies located in this market and is consistent with the continued interest we see from tenants in Pasadena wanting to purchase versus lease.”

Built in 1965, the one-story building is located at 1300 E. Green St., one mile south of Freeway 210 and the Lake Avenue Metro Gold Line Station near Caltech and Pasadena City College. The property features high ceilings, two bank vaults, a private outdoor patio and 26 surface parking stalls.

The Greater Los Angeles office market saw the second consecutive quarter of positive net absorption with 512,403 square feet in the first quarter of 2022 as office occupancy continues to grow and demand for quality working space remains strong in low-rise suburban markets, according to CBRE research.