790 Colorado

790 Colorado
Pasadena, California

Property Address:
790 E.Colorado Blvd.,
Pasadena, CA 91101

The project was acquired in 1996 from a major insurance company which had taken the building back from its previous developer owner. Located near Lake Avenue on Colorado Blvd., the building was only 35% leased at acquisition and had been void of any leasing activity for several years since Bank of America had vacated. Within five months after the acquisition the building was brought to 98% occupancy due to the attraction of two major new tenants plus a well-known local spa which relocated from the Ritz Carlton Hotel. The leasing was handled internally by BPG and only 16 months after the acquisition, the building was sold for a substantial gain to the ownership. During the ownership period, the lobby and most restrooms were renovated to current standards.