Swig sells Pasadena office complex amid active i-sales market

Charing Cross Partners buys 78K sf property for over $40M

Swig Company CEO Jim Carbone and 443 South Raymond Ave (The Swig Company)
Swig Company CEO Jim Carbone and 443 South Raymond Ave (The Swig Company)

It has been an active few months for investment sales in the Pasadena office market.

In the latest deal, Swig Company sold a 78,000-square-foot building to Charing Cross Partners, the company announced. The single-floor property at 443 South Raymond Avenue sold for around $43 million, a source told The Real Deal. The deal pencils out to about $550 a foot.

Swig acquired the converted warehouse in 2014, when it served as headquarters for Disney Stores USA. After Disney moved out in 2018, Swig secured a long-term lease with software firm Bluebeam, which still occupies the building. The property, made of brick and wood, dates to 1922.

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In July, LPC West and Angelo Gordon bought a 241,000-square-foot office campus in Pasadena at 465 N. Halstead Street for $72.5 million, with the intent of turning it into a life sciences campus.

Atlas Capital is also planning to renovate a 300,000-square-foot office complex at 101 S. Marengo Avenue in the city, which it bought for $72 million last year.

In May, Swig began marketing a portion of its office building at 595 E. Colorado Avenue for lease. The firm is offering 15,000 square feet of space, and a 7,800-square-foot bank vault, after Bank of the West said it would move out of the space.