MPG to Sell Pasadena Office Complex for $75 MillionThursday, May 30, 2013
MPG Office Trust Inc. has agreed to sell its Plaza Las Fuentes office and retail complex in Pasadena’s Civic Center neighborhood to East West Bank and an entity called Downtown Properties Holdings.
The downtown Los Angeles commercial property owner, which has been selling off non-core holdings to pay debt, said late Wednesday that the buyers will pay $75 million for the property. Net proceeds, after repayment of debt and closing costs, are expected to total $30 million and will be used for general corporate purposes.
Plaza Las Fuentes, 135 N Los Robles Ave., includes an eight-story Spanish Mediterranean-style office building and two restaurants on 6 acres of landscaped pedestrian walkways, sculptures and fountains.
The deal is expected to close on or after June 28.