Colliers Sells Landmark Building in Pasadena
The Arbour Building in Pasadena Sold to California Credit Union for Over $10M
Colliers International has completed the sale to California Credit Union of the landmark The Arbour Building in Pasadena, one of the few remaining two-story structures along upscale South Lake Avenue to combine both retail and office space on separate levels. Value of the purchase transaction was approximately $10 million.
Colliers Senior Vice Presidents Corey A. Waite and Hayden C. Eaves IV represented the buyer, California Credit Union, in the transaction. Both are based in Colliers downtown Los Angeles offices. The seller was 7070 Design of Los Angeles.
With a brick façade and parquet floors, the distinctive two-story building stands near the center of Pasadena’s traditional and original upscale shopping area – South Lake Avenue. Nearby retailers include The Shops on South Lake, Pottery Barn, Williams Sonoma, Macy’s, Talbot’s and Trader Joe’s. Among the building’s office tenants are law firms and a state legislator. It also features dual access parking – front and rear – that is gated and secured with 74 spaces.
“This truly historic building’s office space has been at or near full occupancy ever since it was built five decades or more ago,” said Waite. “Its retail space once housed At Ease Clothing, which was the mecca of clothing stores in the 1980’s. Its tenants and location have made it an anchor of this upscale part of the city.”
Located near the intersection of California Street at 527 South Lake Avenue, The Arbour Building has been one of the most successful structures in terms of tenancy since it was first built in 1956. It houses 15,674 square feet of office space on its second floor and 13,650 square feet of retail space on the ground floor. California Credit Union plans to house a new branch in that ground floor space.