ACCO Engineered Systems purchased a six-story, 235,000-square-foot office building at 888 E. Walnut St. in Pasadena for $112 million, or nearly $477 per square foot, from JP Morgan Chase & Co.
The Class-A building was constructed in 2005 and contains 36 surface parking spaces as well as 690 covered parking spots.
Ray Howden and Seth Wellisch of Cresa were the brokers representing ACCO. Shaun Stiles of Cushman & Wakefield represented the seller.
Pasadena had an office vacancy rate of 15.6 percent in the fourth quarter of 2017, according to data provided by Jones Lang LaSalle Inc. The city had negative net absorption of 21,052 square feet, a decline of nearly 62 percent year over year.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.