Graymark Capital Inc. and Eightfold Real Estate Capital purchased a nearly 219,000-square-foot office campus in Pasadena for $30 million.
Eaton Canyon Tech Center, at 2947 Bradley St., has two buildings that house office space and research facilities.
It is 58% leased to tenants, which include Fidelity National Financial Inc. and Cogent Communications Inc.
HFF Inc.’s Andrew Harper and Matt McRoskey represented the seller, Hudson Americas. Graymark was self-represented.
Graymark will update the property’s exterior, enhance the amenity space and add more creative interiors.
It is Graymark’s second purchase in Pasadena.
The Pasadena office market has been booming. In the second quarter of the year, the average asking rate for Class A office space was $3.78, up 37 cents quarter over quarter and 48 cents year over year, according Jones Lang LaSalle Inc. The vacancy rate during the second quarter was 12.2%, down from 14.8% the previous year.
“Pasadena has proved to be a reliable market with moderate vacancy and substantial rental rate increases,” said Bill Boyd, a Tri-Cities expert at Kidder Mathews.
And that is attracting investors.
“We are attracted by the strong demographics and opportunity to enhance value through renovation and leasing,” Jeff Hoppen, chief operating officer and chief financial officer at Graymark, said in a statement.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans.
CORRECTION: An earlier version of this story misstated Jeff Hoppen's position at Graymark Capital. He is chief operating officer and chief financial officer.
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