State Compensation Insurance Fund Acquires 158,800 SF Office In Pasadena For $33M From Swift Real Estate Partners

The asset involved in this transaction is a Class A office building located at 35 North Lake Avenue in Pasadena. This office property spans a total of 158,800 square feet and has a sale price of $33,000,000, translating to a price per square foot of $208.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $33,000,000
• Address: 35 North Lake Avenue
• Market: Pasadena
• Asset Size: 158,800 SF
• Price per Square Foot: $208
• Buyer: Vernon Steiner - State Compensation Insurance Fund
• Seller: Christopher Peatross - Swift Real Estate Partners
• Broker Representatives: Brad Chelf, Ron Wade & Taylor Watson - CBRE
• Seller's Representative: JLL

The buyer, State Compensation Insurance Fund, intends to occupy part of the asset as a Southern California hub while leasing out the remaining space. The seller, Swift Real Estate Partners, previously acquired the property in 2019 for approximately $58 million. The representation of the buyer was handled by CBRE, while JLL represented the seller in this transaction.