3100 New York Drive Pasadena, CA
- 163,574 SF Office/R&D asset in Pasadena, a science and technology hub north of Los Angeles.
- Distressed off-market purchase from Tenant-in-Common owner; property was one day from foreclosure by the special servicer, 60% leased.
- Purchased at $99/SF, well below estimated replacement cost of ~$340/SF.
- We executed a 10-year lease extension during due diligence with 30% rent increase to specialty clothing anchor tenant in 55% of property.
- Graymark is in the process of completing a major cosmetic exterior and interior renovation, to reposition remainder of space to creative office / R&D and lease vacancy.
- Strong leasing interest already at well above proforma.