Laurus Corp has picked up the eight-story, 163k SF office at 199 S Los Robles in Pasadena. CEO Philip Cyburt tells Bisnow the company plans a complete repositioning, including overhauling the exterior, lobby and all common areas. He declined to state the acquisition price, but Bisnow's market sources say the sale closed at about $52.5M. Philip says the company remains focused on acquisition in the top 20 MSAs in the country, with an eye toward value-add opportunities. The Burbank and Pasadena market is one of the more lucrative markets in the city, and Laurus should be able to pump up rents with the reno. Check out the priciest buildings in the submarket.
The office (above) is the second major acquisition for Laurus in the city in the last nine months, after not making any buys in the market. In July, the company shelled out $90M for the 474-room Warner Center Marriott at 21850 Oxnard St in Woodland Hills. Laurus immediately announced a $10M makeover plan. The company has about a dozen hotels under its corporate umbrella, and has been expanding aggressively in that space.
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