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Wells Fargo Building Trades Hands

PASADENA, CA—A national investor picks up the institutional-quality asset to augment their portfolio in the Southern California market.

By Kelsi Maree Borland | Updated on June 02, 2015

PASADENA, CA—An unnamed national investment and development group has purchased a Wells Fargo-anchored office building in Pasadena from Zurich Alternative Asset Management for an undisclosed price. Wells Fargo occupies 70% of the 84,000-square-foot property, which is located at 350 W. Colorado Blvd. in Pasadena.

“We had 13 offers on the property, and it was a very competitive process. I think we sold it at a great time in the marketplace,” Bob Safai, a broker at Madison Partners tells GlobeSt.com. “We had investors like pension funds, high net-worth, exchange buyers. We had one international buyer, so it really ran the gamut. The buyer was looking for an asset in Pasadena, and they loved this property.” Safai represented the seller in the transaction along with his Madison Partners colleagues Matt Case and Brad Schlaak.

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