PASADENA, CA-DivcoWest, a vertically integrated real estate operating company, has acquired the Pasadena Business Center, a 238,842-square-foot office building. For its first Pasadena acquisition, the company partnered with Pasadena-based Edgewood Realty Partners to purchase the property. The purchase price is undisclosed.

The building has potential to attract creative companies. It can accommodate large-scale users, and currently has 130,000-square-feet of available space. DivcoWest plans to upgrade the property to enhance the creative office qualities. OEWaves, DS Waters of America and PNC Bank currently occupy the space.

The surrounding submarket also adds to the property's appeal. Located at 465 North Halstead Street in Pasadena, the business center is located near NASA's Jet Propulsion Lab and the California Institute of Technology. “Pasadena continues to shine as the strongest submarket in the Tri-Cities with vacancy rates declining for a 4th straight quarter and many landlords achieving rents north of $3.00 per RSF in the class-A product,” Tim Miller, SVP at Jones Lang LaSalle and market expert, tells GlobeSt.com. “With its close proximity to executive housing and a highly educated workforce, Pasadena will remain at the forefront of a growing tenant mix.”