A nine-story Pasadena office tower traded hands at a discount. Swift Real Estate Partners sold the property to GD Realty for $31.5 million, Omid Broukhim, who represented the buyer, said. The buyer and a source familiar with the off-market deal confirmed the price.
The property at 790 East Colorado Boulevard, called The Terrace, was part of a three-building office complex in Pasadena that Swift Real Estate partners purchased from PGIM Real Estate for $193 million six years ago. The offices at 790 East Colorado Boulevard were purchased for $59 million, property records reveal.
The 146,000-square-foot office building is 70 percent leased, according to a release announcing the sale by JLL, which represented the seller. JLL declined to comment. Swift Real Estate Partners did not immediately respond to a request for comment. GD Realty chief executive and founder Arash Danialifar said it was “one of the most unique office buildings I have encountered.”
The three properties were collectively known as “The Pasadena Collection,” and spanned 517,000 square feet. The portfolio was 68 percent occupied then. The two other properties were a 212,000 square-foot building at 155 North Lake Avenue, and a 159,000 square-foot building at 35 North Lake Avenue.
Recently, another office complex in Pasadena sold at a discount. Harbor Associates and Roxborough Group purchased the Pasadena Towers for $120 million. The seller, CBRE Investment Management, purchased the two office properties, at 55 South Lake Avenue and 800 East Colorado Boulevard that total 477,000 square feet, for $256 million in 2016.
That isn’t the only distress happening in the city. The Pasadena Office Tower at 150 South Los Robles Avenue saw its value decline 59 percent in a decade and is worth millions less than the loan connected to the property.
The San Gabriel Valley, where Pasadena is located, has an 8.2 percent office vacancy rate compared to that of all Greater Los Angeles, which has a 24.1 percent vacancy rate.
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Los Angeles
Swift pays $193M for Pasadena office portfolio
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