Former JPL HQ Sells for $24 Mil

LOS ANGELES-A group of private investors has purchased the former headquarters of the famed Jet Propulsion Laboratory in Pasadena for $24million.

The 280,000-sf complex consists of three office campuses at 2555 Colorado Blvd., 133-171 N. Altadena Drive and 2500-2570 Foothill Blvd. It was purchased by a private partnership known as Pasadena Business Park LLC from a family that acquired the development several years ago.

The complex will be renamed the East Pasadena Business Park, says R. Scott Martin, the Charles Dunn Co. Tri-Cities broker who represented the seller. Martin, who has also led the development’s marketing efforts, has helped to boost its occupancy level from 61% to 84%.

The local office of Matlow-Kennedy represented the buyer.