The Sanborn House drew multiple offers, signalizing the high demand for creative office space
CBRE announced the sale of a historic Craftsman office building in Pasadena, California, called the Sanborn House for $3.4 million to a local real estate investment firm that will occupy a portion of the property.
CBRE’s Chalvis Evans and Kyle Barratt represented the sellers, Gaylaird W. Christopher and Gayle A. Christopher of Architecture for Education, which will be relocating to Old Town Pasadena. The buyer, 65 North Catalina Avenue, LLC, was represented by David Kutzer at Newmark Grubb Knight Frank.
The 6,827 square-foot property, located at 65-69 N. Catalina Avenue, is a unique Greene & Greene Craftsman residence built in 1903. It is currently used as a multi-tenant office property with three separate buildings on one parcel.
The site has been renovated and preserved by Gaylaird and Gayle Christopher, starting in 2010. Samuel P. Sanborn, a Pasadena attorney, originally built the house – which still features the original carriage house -- as his family home. Formerly located at the northwest corner of Colorado Boulevard and Catalina Avenue, the building’s octagonal entry faced that intersection. The home was sold and moved to its present location in 1924 and through the years has served as a convalescent facility, hotel, and office building.
The property’s current tenants include Hubris Studios, a design and advertising agency, among others.
“This Craftsman office property received a lot of attention from the local investment community,” said Evans. “We received a large amount of interest from investors and owner-user-type buyers. Demand for creative office space is tremendous in strong office markets such as Pasadena. Rarely do these types of character buildings come up for sale and when they do, buyers pursue them aggressively.”
Los Angeles County’s Tri-Cities office market has been improving steadily, according to CBRE research. It encompasses nearly 27 million square feet and includes the cities of Pasadena, Burbank and Glendale, plus four other adjacent, smaller submarkets. Nearly 1.8 million square feet of positive net absorption has occurred in the Tri-Cities since the beginning of 2011, decreasing the market’s vacancy rate from 17 percent at year-end 2010.
“Many companies are now looking to present their identity through the buildings they occupy,” said Barratt. “As creative office space will continue to be the trend going forward, craftsman buildings such as the Sanborn House will remain in high demand. On the rare chance they become available, you can count on tremendous interest from buyers.”
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.