Negotiations begin with
potential buyer of
headquarters property

On Jan. 15, Pastor General Joseph Tkach and church treasurer Bernie Schnippert announced that the church and a respected Southern California real estate developer had signed a mutual letter of intent for the purchase of the Pasadena campus by the developer.

The parties are confident that a formal purchase and sale agreement will be signed within a month or so, at which time an escrow will be opened.

During the escrow stage--which could last between one and two years--the buyer will seek and obtain the necessary approvals that are required in a transaction of this size and complexity, after which the closing will occur and the transaction will be complete.

While all real estate transactions are tentative until final closing, both parties are optimistic about the deal.

The buyer, which is in the business of real estate development and made its offer among other competitors, has requested that the purchase price remain confidential at this time.

Of course, after the closing the church will disclose the transaction and account for the funds on its audited financial report, which is made available to members every year.

Legacy Partners intends to develop the site with a variety of residential and business uses, and as can be seen below, intends to preserve the historically significant buildings, including Ambassador Auditorium.

Following is the press release prepared by Legacy's representative with the church's edits and approval.

PASADENA--The Worldwide Church of God today announced it has entered into an agreement to sell its east campus and west campus (headquarters) properties in Pasadena with Irvine, California, based Legacy Partners, a leading Western U.S. real estate developer.

According to Bernard Schnippert, treasurer and director of Finance & Planning, church officials have studied proposals from a number of interested parties, among whom Legacy Partners has emerged as the clear standout.

"We are confident that Legacy's approach is creatively balanced," said Schnippert. "They have shown genuine respect for the church and for the historical significance of its property and buildings, and for the intent and spirit of the recently adopted West Gateway Specific Plan."

The Pasadena City Council adopted the West Gateway Specific Plan in July 1998, following more than three years of study and public discussion by Pasadena city planners, outside planning experts and concerned citizens.

"The community consensus achieved through the Specific Plan will be our guide," said Legacy's Bill Shubin, partner at the firm, "and we intend to continue the community dialogue as our plans progress."

Legacy's preliminary plan embraces both campuses (about 50 acres in total area) and calls for preservation of the historically significant buildings--most notably the Ambassador Auditorium on the west campus.

Legacy's selection of AC Martin Partners to design the project has served to reinforce the church's confidence in the overall quality of the approach.

The Los Angeles-based architectural firm has won widespread recognition, both locally and nationally, for its signature and historically significant projects--that is, those where existing structures are incorporated into new developments.

"AC Martin's track record clearly demonstrates it has both the forward and historical vision to design an award-winning project on this property and in this city," said Dennis Cavallari, senior vice president of Legacy Partners.

"We plan to build a first-class development that is guided by the Specific Plan, honors the rich heritage of the church, meets community-serving needs and is consistent with the character and scale of the surrounding residential community," said Cavallari.

"Pasadena is a great community, and this property in particular presents everyone concerned with a world-class opportunity to build something of real significance--something of which we can all be proud."

Legacy Partners is a long-term owner, developer and manager of multifamily communities and commercial properties, including office, R&D, warehouse and distribution projects.

The firm currently owns or manages more than 25,000 multifamily units and 38 million square feet of commercial space.

ANNOUNCEMENT--Bernie Schnippert (left), church treasurer, and Pastor General Joseph Tkach announce to church employees Jan. 15 that the church has found a potential buyer of the Pasadena headquarters property. [Photos by Thom

Copyright © Worldwide Church of God, 1998