Irvine Co. has sold the Western Asset Plaza in Pasadena to East West Bank for $98 million, a 32% reduction from when it acquired the 270,000 square foot office property in 2012 for $144 million.
East West Bank officials told CoStar the acquisition is part of the bank’s future expansion plans. East West Bank is headquartered in Pasadena, next door to the Western Asset building.
“The purchase provides flexibility for future expansion as the bank continues to grow and reflects our long-term commitment to Pasadena,” a spokesperson for East West Bank told CoStar News.
The Irvine Co. acquired the office property, which was a partially adaptive reuse of the former Woolworth building, from Centurion Real Estate Partners in 2012. Tenants include Western Asset, Ruth’s Chris Steakhouse and several law firms.
