February 2015 – Laurus Corporation Acquires Los Angeles Class A Office Building
Pasadena, California – Laurus Corporation, a U.S.-based private real estate investment and development firm, has announced the acquisition of 199 South Los Robles in Pasadena, California. With a base of 183 million square feet, the Los Angeles office market is the second largest office market in the country. The Tri-Cities market, which includes Pasadena, Burbank and Glendale, is the third largest and one of the best performing markets in Los Angeles County, with an average occupancy of 89 percent over the last 15 years.
With nearly seven million square feet of office space, Pasadena is the Tri-Cities’ largest submarket and has consistently maintained one of the market’s lowest vacancy rates and highest rental rates due to its diversified tenant base, strong labor pool and excellent amenities. Surrounded by some of the most prestigious executive housing communities in Los Angeles County, the adjacent communities are considered the most affluent and desirable places to live in Southern California due to their top rated public school districts and high home values.
The Class A, eight-story, 163,194 square feet office building features a post-modern/contemporary architectural style, structured uniquely to make it a standout and boasts a roster of accredited quality tenants. Situated between the cross streets of Cordova and El Dorado, just one block south of the award-winning Paseo Colorado lifestyle center, and a short walk from Old Town Pasadena, the Lake Avenue Business and Shopping District, and the Del Mar Metro Gold Line Station and adjacent to the Pasadena Convention Center. The location on South Los Robles offers hundreds of retail amenities, restaurants and hotels and convenient access to the nearby executive housing neighborhoods of San Marino, South Pasadena, and La Canada Flintridge, as well as local and regional thoroughfares including the 210, 134 and 110 freeways.
“Our business plan involves considerable improvements to the asset, including a well-designed renovation program for the lobby, corridors, bathrooms, elevator lobby, overall common areas and building systems,” said Andres Szita, Chairman of Laurus Corporation. “These upgrades to the interior and exterior will further drive rental rates, occupancy and tenant satisfaction.”
“Recent leasing momentum and the lack of available Class A office space will drive up occupancy and market rents,” furthered Philip Cyburt, Chief Executive Officer of Laurus Corporation. “At 86 percent occupied, Pasadena continues to have some of the highest occupancy in Los Angeles. Furthermore, current rents are 25 to 30 percent below peak levels, allowing for significant increases in market rent before historical levels are reached.”
Pasadena is home to several of the region’s largest office demand generators, including the California Institute of Technology, NASA’s Jet Propulsion Laboratory and the Art Center College of Design. Populated by a highly educated workforce, its well-known research facilities have made Pasadena appealing to a wide range of industries including technology, healthcare, media, engineering and financial services. Notable employers include Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.
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