PASADENA, CA-The Avery Dennison campus here will soon be available, as a new plan to reposition and lease its 150 Orange Grove complex is underway.

PCCP LLC has provided a $24.3-million senior loan to a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners L.P. to acquire, re-position and lease the 103,169-square-foot class-A office campus.

Avery Dennison, which produces labeling and packaging materials and solutions, occupies 100% of the property. It will lease back the space through early 2014 as it finalizes relocation plans. The renovations will begin in late 2013 and are expected to be completed by mid 2014.

The joint venture plans to invest an undisclosed but “significant” amount of capital into renovations and building systems to attract a new tenant. The asset was built by Avery Dennison in 1981 and has served as its corporate headquarters. 

The four-story office building consists of three inter-connected “pods” that can offer single or multi-tenant configurations. Other amenities include a fitness center, meeting space, executive dining room and cafeteria. The 7.24-acre site features lush landscaping, a koi pond, and outdoor patios with fountains.

Comment was not immediately available from PCCP. However, a statement from Ron Bonneau, VP with PCCP, said the property is “the only available true campus environment in Pasadena and is really a unique property for Los Angeles County. This transaction is a strategic move for PCCP with proven borrowers. Legacy Partners is a major owner and operator, and is a longstanding borrower and equity partner of PCCP. We have completed 12 transactions together over the past nine years. The transaction is also our second with AllianceBernstein Real Estate Partners in the past 24 months.”

Earlier on GlobeSt.com, MPG Office Trust has sold the Plaza Las Fuentes complex in Pasadena for $75 million.