The property, at 800 E. Colorado Blvd., will serve as the company’s headquarters.
CBRE Group Inc.’s Hunter Brown, Jake Bobek and Scott Steuber represented Pasaca Capital in the transaction. CBRE Investment Management was represented by the company’s Kevin Duffy, Natalie Bazarevitsch, Doug Marlow, Jackie Benavidez and Juliana Sampson.
“Pasaca’s business lines continue to thrive and grow at a rapid rate, which inspired the need for the additional space,” Brown said in a statement. “CBRE was excited to help Pasaca during an incredible period of growth. Helping them secure this top floor was important as their medical business lines continue to thrive and grow their respective teams.”
Innova Medical Group Inc., which is owned by Pasaca Capital, occupies 15,204 square feet in the same building.
The Pasadena office market has fared slightly better than the market as a whole during the pandemic. The Pasadena market had a vacancy rate in the fourth quarter of 18.9%, lower than the county average of 20.2%, according to data from Jones Lang LaSalle Inc.
Nearly 4.61 million square feet of office space was under construction that quarter in the Los Angeles market.
The Pasadena market saw asking rents of $3.92 a square foot during the fourth quarter, up 4 cents over the previous quarter and 14 cents over the previous year, according to JLL.
Recent leases in the nearby area include Tokio Marine Highland, which leased nearly 6,000 square feet at 625 Fair Oaks Ave. in South Pasadena. The property, known as Six25 Fair Oaks, is owned by Greenbridge Investment Partners. The lease, which was announced Jan. 10, brings the property to 96% capacity.