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Landmark 225 East Colorado Building Sold to Los Angeles Firm
Barker Pacific Group (BPG) has entered into a joint venture with LNG Management (LNG), an asset management firm based in Los Angeles, to acquire 225 East Colorado, a seven-story, 50,000 square foot historic building located on the corner of East Colorado Boulevard and Marengo Avenue in Pasadena. Bank of America provided financing on the deal.
Neither firm would disclose the sale price.
"225 Colorado is an architectural gem. We will embrace and respect the historic beauty of this asset, while also implementing a series of targeted building improvements that will cater to a modern workforce attracted to Pasadena and its amenities. We will install building-wide Wi-Fi and fiber optic cabling, improve the common areas, and install a new central air conditioning system. We also intend to utilize some of the original building elements in the office spaces, which include brick walls and concrete floors," said BPG CEO Michael Barker.
225 East Colorado is currently 96 percent occupied. Notable tenants include Analytics Media Group, Dilbeck Realtors, and Smith Brothers Restaurant Corporation.
"This historic building has great potential," noted Lawrence Ng, founder of LNG Management. "Pasadena has a long history of innovation and technology. With its focus on strong economic growth, the city is attracting both startups and traditional business ventures."
Barker Pacific Group was founded more than 30 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street.
Some of BPG's other notable projects include: Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles; 101 Continental in El Segundo and The Miami Arena and Columbus Center in South Florida.
Additionally, Barker Pacific Group manages Storage Solutions, a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies throughout California. BPG has offices in San Francisco, Los Angeles and Marin County. The company specializes in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities. For more information, visit www.barkerpacific.com.
LNG Management (LNG) is an asset management firm serving the investment needs of entrepreneurs and high net worth individuals. The company sources and invests in global opportunities, focusing on real estate, venture capital and private equity. The firm was originally established to manage the investment activities of Lawrence Ng, who was the CEO and co-founder of Oversee.net, a leader in Internet marketing services. For more information, visit http://www.lngmgmt.com/.
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