Union Savings Building
Address: 20 North Raymond Avenue
Pasadena, California
Purchased: March 2006
Price: Confidential
Size: 19,196 square feet
This historic landmark, built in 1902, is located at the northeast corner of Colorado Boulevard and Raymond Avenue.
Since taking ownership, ERP upgraded the exterior, common areas, and tenant spaces, and has increased office rents from $1.85 per square foot per month to $2.70.
ERP has increased retail rents from $3.50 per square foot per month to $9.00.
Status – Long-term hold for current cash flow and capital appreciation.
