ACCO Engineered Systems Inc., a mechanical engineering firm, purchased the 235,000-square-foot building at 888 E. Walnut St. in Pasadena, Calif., from JP Morgan Chase & Co. for an estimated $112 million, CoStar Group reported, citing sources familiar with the deal.
The buyer will relocate and expand its headquarters from its current 60,000-square-foot space at 6265 San Fernando Road, in the neighboring Glendale, to about 130,000 square feet of the Pasadena building, and share the remaining space with tenants including CenFed Bank, Citibank and OpenX, the Jan. 31 report noted.
JP Morgan acquired the site in 2007 from IDS Real Estate Group for $127 million, or roughly $543 per square foot.
