There is some big news in Pasadena Real Estate, Entrepreneur David Sacks and Rising Realty have bought a piece of Pasadena building history, purchasing three century old buildings in Historic Old Pasadena and plan on transforming them into a hub for tech start-ups.
The three older buildings are at a busy intersection on Raymond Avenue and will be transformed into a hub for new budding technology firms in a real estate investment backed by a prominent Silicon Valley entrepreneur and investor David Sacks. The buildings where erected between 1895 and 1914 in the city’s original commercial center. Rising Realty and Sacks paid $10.4 million for the three building complex at the southwest corner of Raymond and Holy Street. The sellers were Cambra Realty and Angelo Gordon & Co.
The goal is to bring more young tech businesses to set up shop in Pasadena, where there is already a long history as a center of science and technology. Pasadena is a tech hot spot but doesn’t really compete with Silicon Beach for businesses, the idea of creating a place where entrepreneurs can get started and then graduate to their own space. There will also be a “co-working” officer where individuals can rent space to work in a shared environment.
Pasadena already being known for more industrial tech with JPL, Cal Tech, or the Art Center College of Design, many are excited to see what new ideas will be coming out of Pasadena in by 2015.
This article was published by Los Angeles Times on 12/12/13.
https://www.latimes.com/business/la-fi-property-report-20131212,0,7796562.story#axzz2nfo2NCKq
Realtor
Ashley Gossman
Cal Bre 01921685
