Irvine Co. sells downtown Pasadena office building at discount

Donald Bren’s Irvine Company sold an office building located in downtown Pasadena to East West Bank for about $98 million, records reveal. That’s a steep decline from its $144 million purchase price in 2012. The deal for the five-story, 270,000-square foot property called Western Asset Plaza came out to about $360 per square foot. CoStar first reported the 385 East Colorado Boulevard trade.  Newport Beach-based Irvine Company did not comment, and East West Bank did not immediately respond to a request. The bank co-owns its nearby headquarters and told CoStar the purchase provides flexibility for future expansion. It’s the latest […]This article originally appeared on The Real Deal. Click here to read the full story.