In what the Los Angeles Times described as the largest Los Angeles-area office sale since the real estate downturn, Munger, Tolles & Olson attorneys represented worldwide engineering firm Parsons Corporation in a $320 million sale-leaseback transaction involving Parsons’ corporate headquarters, ancillary office buildings and parking structures. The property consists of approximately 950,000 square-feet of office space, including a 12-story office building that serves the Parsons’s world headquarters, and two fully occupied buildings leased to third parties. There is also an additional 900,000 square-feet of developable land, all located in Pasadena, CA.
Morgan Stanley Real Estate Investing and Lincoln Property Co. purchased the property in a deal announced on June 30, 2011.
The Munger Tolles team representing Parsons included Benjamin Howell, Joel Purles and Misty Sanford.