Ethika Investments Allocates Capital for Acquisition of Class A Office Building in Los Angeles
-- Building is situated in one of the best performing office markets in Los Angeles County --
LOS ANGELES, Feb. 19, 2015 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate investment firm, has announced a capital allocation for the acquisition of 199 South Los Robles located in Pasadena, California. This marks the 13th investment from Ethika's Diversified Opportunity Real Estate Fund and the second investment for the fund in the Los Angeles metro area.
With nearly seven million square feet of office space, Pasadena is one of the largest submarkets in the Los Angeles area and has consistently maintained one of the market's lowest vacancy and highest rental rates. This is due in large part to its diversified tenant base, strong labor pool and excellent retail and entertainment amenities.
"Pasadena's fundamentals are rapidly improving toward their pre-recession peak, when vacancy rates were below 3 percent. 199 South Los Robles represents a rare opportunity to acquire an institutional-quality, Class A office asset in Los Angeles with significant repositioning potential. The location of the building, adjacent to Paseo Colorado and near the Metro Gold Line, is irreplaceable. This is yet another example of Ethika's ability to identify underperforming real estate in Top 30 markets and create value through acquiring at attractive bases and taking an active management approach. This is the third office investment for the fund," said Austin Khan, Chief Investment Officer of Ethika Investments. "And as with our other office assets, we will implement a comprehensive renovation strategy to meet the needs of today's office tenant."
"The all-encompassing renovation program will drive rental rates, occupancy and tenant satisfaction," said Talal Elass, Vice President of Fund Management for Ethika Investments. "Considerable improvements will be noticed in the lobby, corridors, bathrooms, elevator lobby, overall common areas and building systems."
Pasadena is home to several of the region's largest office employers and office tenants, including the California Institute of Technology, NASA's Jet Propulsion Laboratory and Parsons Corporation. Populated by a highly educated workforce, its well-known research facilities have made Pasadena appealing to a wide range of industries including technology, healthcare, media, engineering and financial services.
The building is located at 199 South Los Robles in Pasadena, California.
Ethika Investments is a real estate private equity firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
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SOURCE Ethika Investments, LLC
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