Private-Equity Company Pays Two times What Saunders Residential or commercial property Co.Paid in Early 2014 Prior to Major Repositioning
Boston-based private-equity company Rockpoint Group acquired the 12-story AT&T Building at 177 E. Colorado Blvd. from Saunders Residential or commercial property Co. for $161.5 million, or about $538 per square foot.
The 300,000-square-foot office building, finished in 1973 as the local head office of Pacific Bell, cost roughly twice the $81 million that Saunders paid AT&T in April 2014. The telecommunications giant rented back 40% of the home and Saunders rented the remaining vacant space to 10 new tenants following a $30 million renovation, consisting of tenant improvements.
Occupants consist of mutual fund manager Primecap Management, iRobot and co-working provider WeWork, which inhabits two full floorings. Other significant renters consist of wealth management firm Clifford Swan Investment Counselors and Pardee Houses. The building is about 89% rented, according to CoStar information.
Eastdil Guaranteed represented both Rockpoint and Saunders in the transaction.
“The Saunders team repositioned a tired telephone company building into the leading workplace address in Pasadena,” said Eastdil Handling Director Stephen Somer in a release. “This residential or commercial property brought in interest from many of the leading institutional investors in the country however it was Rockpoint that was able to put the acquisition together.”