Shidler, which sold the property through its AGBRI Pasadena L.P. partnership, acquired the tower as part of the $265-million portfolio of properties in California and Texas that it bought in partnership with New York investment bank Angelo Gordon & Co. in 1998 from Sinar Mas, Indonesia's second-largest conglomerate.
Marc Renard of Cushman & Wakefield, who represented the Shidler Group, tells GlobeSt.com that the sellers made substantial improvements to the building during the time they owned it. He says the nine-story, 140,000-sf office tower was built in 1971 and was more than 95% occupied at the time of the sale.
Pasadena Office Tower is in the Old Town section of the city, a shopping and entertainment district that was restored and redeveloped in the 1990s and is heralded as one of the most successful downtown restorations in Southern California.
The office tower's main tenants are the City of Pasadena Department of Water and Power; Cassidy Employee Benefits & Services; the State of California Department of Rehabilitation; the United States of America's Office of Hearing and Appeal; the United States General Services Administration; Transamerica; and Progressive Insurance.
Matt Root, a Partner of The Shidler Group, says the portfolio that Shidler and Angelo Gordon acquired in 1998 contained high-visibility properties that have continued to appreciate, so the owners are selectively selling some of them and plan to reinvest the proceeds into new acquisitions in the Western United States.
The Shidler Group acquires commercial real estate nationally for its own account. It owns and operates more than 5 million square feet of commercial property throughout Texas, Arizona, Hawaii and Southern California.
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