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Laurus Spends $53M on Prime Office Product

PASADENA, CA—The investor buys a 163,194-square-foot class-A office building with plans to invest additional capital to update the common areas and building systems.

By Kelsi Maree Borland | Updated on February 09, 2015

PASADENA, CA—The Laurus Corp. has purchased a 163,194-square-foot class-A office building in Pasadena from a joint venture between Heitman and the Ruth Group. The investor plans to renovate the property’s common areas and building systems. The purchase price for the property was not disclosed, however, industry sources unrelated to the deal say that it was $52.5 million or $322 per square foot.

The investor was largely attracted to the building’s Pasadena address and close proximity to retail. Located at 199 South Los Robles in Pasadena, CA, the property is in a prime location with an average occupancy of 89% over the past 15 years, and has maintained one of the lowest vacancy rates in the greater Los Angeles market. The property itself is located just a short walk from the retail and dining amenities in Old Towne Pasadena and from the Paseo Colorado lifestyle center and the Lake Avenue Business and Shopping District. It is also near the Metro Gold Line stop and adjacent to the Pasadena Convention Center.

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