Real estate investment firm SteelWave is under contract to sell its 123,200-square-foot commercial property at 150 North Orange Grove in Pasadena for roughly $50 million, The Real Deal has learned.
The 1981-built property served as the headquarters of label manufacturer Avery Dennison Corp. until the corporate giant moved to a new office at 207 Goode Avenue in Glendale in 2014.
Doheny Eye Institute, a nonprofit ophthalmic research organization, will be moving its headquarters to the site as an owner/occupier, sources said. The UCLA-affiliated institute is currently occupying a building on the University of Southern California campus, ironically.
Avery Dennison sold the building to Legacy Partners Commercial — now known as SteelWave – for $17 million in 2013, records show. It then leased the site back from Legacy for a year.
Once the manufacturing corporation moved out, SteelWave renovated the property, adding an outdoor amenity deck, expansive landscaping, floor-to-ceiling glass windows and energy-efficient technologies. It has remained vacant ever since.
John McAniff of JLL had the listing but could not be reached for comment. Sources said a team from Charles Dunn secured the buyer. A representative of the firm did not respond to requests.
SteelWave, a commercial, residential and mixed-use real estate firm, still owns another commercial site at 70 South Lake Avenue in Pasadena. The firm maintains a large presence on the Southern California coast. It currently owns the massive, 584,500-square-foot One World Trade Center in Long Beach and the Marina Park creative office complex at 4551-4553 Glencoe Avenue in Marina del Rey.