Business

Pasadena Star-News Building sold

The historic Star-News Building in downtown Pasadena has been sold for $16.55 million to a Beverly Hills real estate investment and management firm.

Greenbridge Investment Partners bought the imposing four-story building at 525 E. Colorado Blvd. out of Chapter 11 bankruptcy proceedings, said real estate brokers Bob Safai and Matt Case of Madison Partners.

PHOTOS: Renewal in downtown L.A.

Completed in 1925 and named after its original newspaper-publishing occupant, the Star-News Building is a Beaux-Arts style office and retail building totaling 63,863 square feet.

The building is 100% leased by tenants 24-Hour Fitness, Le Cordon Bleu College of Culinary Arts and Eclat Medical, Safai said. The deal also included a 207-stall parking structure.

The daily Pasadena Star-News, which dates to 1884, now keeps offices at 911 E. Colorado Blvd.

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Twitter: @rogervincent

roger.vincent@latimes.com

Copyright © 2014, Los Angeles Times
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