Kearny Remodels E. Pasadena Complex
Kearny Real Estate Co. said it has launched a $30-million remodeling of a 300,000-square-foot office complex in east Pasadena.
The first phase of work at Pasadena Corporate Park--which is at Foothill Boulevard and Halstead Street--will include the renovation of a nearly empty 138,000-square-foot building and the demolition of an industrial structure. The renovation of a third building--a 115,000-square-foot structure occupied by Xerox Corp.--is scheduled to begin next year.
Los Angeles-based Kearny, which is affiliated with the Morgan Stanley Real Estate funds, acquired the project in January from the Teachers Insurance & Annuity Assn.
The eastern section of Pasadena along the 210 Freeway has developed over the years into a home for several major corporate tenants, including Avon Products Inc. and EarthLink Network Inc.
The renovated office complex will have the sprawling, campus-style features popular with large companies, said R. Todd Doney, the real estate broker in charge of the Pasadena Corporate Park.
