Parsons Corp. sold its 932,000-square-foot, 22.7-acre office campus in Pasadena, CA, to a joint venture between Morgan Stanley Real Estate Investing and Lincoln Property Co. The sales price was $320 million, according to a report in the
Los Angeles Times.
The three-building portfolio was between built between 1974 and 1982 about 10 miles northeast of Los Angeles and includes the:
- World Headquarters: a 420,000-square-foot, 12-story building at 100 W. Walnut St.;
- East Annex: a 256,000-square-foot, eight-story structure at 75 N. Fair Oaks Ave.; and,
- West Annex: a 256,000-square-foot, eight-story property at 74 N. Pasadena Ave.
Parsons, an engineering firm, has occupied 100 W. Walnut since the mid-1970s. The corporation will remain in the building through 2026. Other tenants in the complex include the Federal Emergency Management Agency and Kaiser Permanente, according to CoStar Group information.
Lincoln Property, a full service
commercial real estate company based in Dallas, will handle property management.
Morgan Stanley (NYSE:
MS) is a global financial services firm headquartered in New York City.
See CoStar COMPS #2137413 for more details.