JLL completes sale of 101 S. Marengo in Pasadena, California
Value add / redevelopment opportunity for Class A office asset
LOS ANGELES, April 27, 2020 – JLL Capital Markets announced today that it has completed the sale of 101 S. Marengo, a 315,000-square-foot, Class A office asset in Pasadena, California.
JLL represented the seller and procured the buyer in this transaction.
101 S. Marengo Avenue is located on a 2.88-acre transit-oriented site just one block from the LA Metro Gold line and in close proximity to numerous freeways, including the Pasadena (110), Ventura (134) and Foothill (210) Freeways that provide east and west access to the greater Los Angeles area. Originally built in 1974, 101 S. Marengo was occupied for many decades by a single tenant that vacated in 2019, and now offers the potential to fully renovate the building and create one of the premier office buildings in the Tri-Cities.
Additionally, with a Walk Score® of 98, 101 S. Marengo is steps from Old Town Pasadena, a 22-block area with numerous dining, retail and entertainment outlets, as well as Paseo Colorado, an outdoor lifestyle destination with top-tier shopping, dining and entertainment featuring Archlight Cinemas, Equinox, Yard House and P.F. Changs, among others.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Leggett, Managing Director Andrew Harper, Director Will Poulsen and Managing Director Patrick Church with the JLL leasing team.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.