PASADENA, Calif.--(BUSINESS WIRE)--Coretrust Capital Partners, LLC, through its investment fund, Coretrust Value Fund I, today acquired Corporate Center Pasadena, the largest office campus in Pasadena. The four-building campus, located at 201, 225, 251 and 283 South Lake Avenue, resides on an expansive six-acre full city block and totals more than 640,000 square feet of commercial space. With over 600,000 square feet of office space, the property also benefits from over 40,000 square feet of tenant amenity retail, a 60,000-square-foot plaza and more than 2,000 parking stalls. Coretrust acquired the campus from an ownership group that controlled the property for over 30 years.
Coretrust plans a transformative renovation of the property to create a one-of-a-kind collaborative campus in Pasadena. The company expects to invest over $90 million, which includes upgrading the buildings with state-of-the-art technologies, creating inviting public spaces including plazas, gardens and terraces, updating all lobbies, modernizing elevators and adding on-site tenant serving businesses.
“This is a rare opportunity to own a major and well-located campus and bring to it all of the amenities most sought by today’s tenants,” said John Sischo, managing principal of Coretrust. “We intend to transform Corporate Center Pasadena into one of the most desirable office environments in the city, appealing to professional firms, technology companies and corporate headquarters.” He noted that the property is in the heart of the highly popular South Lake Avenue retail district adjacent to some of the finest restaurants in the area, within walking distance of the Metro Gold Line, in close proximity to luxury executive housing and newly developed multifamily projects, and conveniently located to the 210, 134 and 110 regional freeways.
Corporate Center Pasadena allows Coretrust to execute on one of its specialties: acquiring older, high quality, well-located office properties and transforming them into preferred office venues for today’s tenant. The company acquired Citigroup Center in downtown Los Angeles in 2016 and currently has a major renovation and repositioning in progress.
About Coretrust Capital Partners
Coretrust Capital Partners, LLC (“Coretrust”) is a Los Angeles-based private real estate operating company formed in 2014 by three original partners of Thomas Properties Group, Inc. (NYSE: TPGI). Coretrust, a Registered Investment Advisor, provides fiduciary investment management services to institutional clients in both co-investment and separate account vehicles targeting opportunistic, value-add, core plus and core strategies in the office sector. Coretrust targets acquisitions in major urban centers located in the West Coast, Southwest and the Mid-Atlantic regions. For more information visit www.coretrustcapital.com.
