Swig sells Pasadena office complex amid active i-sales market
Charing Cross Partners buys 78K sf property for over $40M
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.
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.