P. M. BRIEFING : Dean Witter Buys Pasadena Center
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Dean Witter Realty today announced it has acquired Pasadena Financial Center, a major downtown office building, for $30 million.
The nine-story 147,000-square-foot building, located at 35 North Lake Ave., and six-level parking facility for 470 vehicles are situated on about 1.4 acres.
The six-year-old Pasadena Financial Center is 92% leased. It was purchased for Dean Witter Realty’s portfolio, possibly as an asset for a future investment fund, according to E. Davisson Hardman Jr., a Dean Witter Realty managing director. “We expect the slow-growth initiative enacted in March of this year, limiting future office development in Pasadena, to increase the value of the building,” Hardman said.
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