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Rockpoint Group Takes Pasadena Office Bldg for $162 Million

Private-Equity Firm Pays Twice What Saunders Property Co.Paid in Early 2014 Prior to Major Repositioning
September 19, 2017
Boston-based private-equity firm Rockpoint Group acquired the 12-story AT&T Building at 177 E. Colorado Blvd. in Pasadena from Saunders Property Co. for $161.5 million, or about $538 per square foot.

The 300,000-square-foot office building, completed in 1973 as the regional headquarters of Pacific Bell, sold for roughly twice the $81 million that Saunders paid AT&T in April 2014. The telecommunications giant leased back 40% of the property and Saunders leased the remaining vacant space to 10 new tenants following a $30 million renovation, including tenant improvements.

Tenants include mutual fund manager Primecap Management, iRobot and co-working provider WeWork, which occupies two full floors. Other major tenants include wealth management firm Clifford Swan Investment Counselors and Pardee Homes. The building is about 89% leased, according to CoStar information.

Eastdil Secured represented both Rockpoint and Saunders in the transaction.

"The Saunders team repositioned a tired phone company building into the premier office address in Pasadena," said Eastdil Managing Director Stephen Somer in a release. "This property attracted interest from many of the top institutional investors in the country but it was Rockpoint that was able to put the acquisition together."

See CoStar COMPS #4007802 for additional information on this transaction.
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