Western Asset Plaza on Colorado Blvd. (Photo – Colorado Boulevard Newspaper)
A pair of deals in Pasadena highlights continued momentum in both commercial real estate and wealth management, even as broader market conditions remain uneven.
By Rena Kurlander
– East West Bank Buys Pasadena Office Tower at Discount
East West Bank has acquired Western Asset Plaza, a 270,000-square-foot office tower near Pasadena’s Playhouse Village, for $98 million.
The purchase marks a notable discount from the property’s $144 million sale in 2012, reflecting an approximate 32% decline in value, according to CoStar data. Located at 385 E. Colorado Blvd. next to the bank’s headquarters, the building is nearly fully leased at 97% occupancy, with tenants including Western Asset, Ruth’s Chris Steak House, and several law firms.
The acquisition supports the bank’s long-term growth strategy while reinforcing its local presence. For seller Irvine Co., the deal represents an exit from the Pasadena office market.
The deal highlights both the ongoing repricing in commercial real estate and continued strategic investment by institutions positioning for future growth.
– Summitry Expands to Pasadena with Vantage Wealth Acquisition
In a separate move, Summitry is expanding into Southern California through its acquisition of Pasadena-based Vantage Wealth.
The Foster City, based registered investment adviser, which manages $3.36 billion in assets, is adding a firm with approximately $721 million in assets under management. The deal, terms of which were not disclosed, extends Summitry’s reach beyond the Bay Area and builds on its growth strategy following its November 2024 acquisition by Aspen Standard Wealth.
Vantage Wealth will continue operating from its Pasadena office and serve as a regional hub, while also gaining access to upgraded technology, including artificial intelligence tools for estate and tax planning, and broader alternative investment offerings.
Oregon-based consulting firm FP Transitions advised on the deal.
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