Public Enterprise Fund Buys Class A Office 159K SF Tower in Pasadena
The State Compensation Insurance Fund has purchased Class A office building 35 N Lake, a 158,785-square-foot building in Pasadena, Calif., from Swift Real Estate Partners.
CBRE represented the buyer and JLL represented the seller.
The LEED Gold-certified building sits 10 miles northeast of downtown Los Angeles and blocks from the Metro Gold Line, providing connectivity to Santa Monica, the South Bay and Hollywood.
The property benefits from proximity to prestigious residential communities in South Pasadena, La Caņada and San Marino.
Pasadena features more restaurants per capita than New York City and more museums per capita than nearly any US city. The New York Times calls it the "shining jewel of Southern California."
The JLL Capital Markets team representing the seller included Senior Managing Director Jeff Bramson, Managing Director Andrew Harper, Senior Director Will Poulsen, Associate Jacob Molloy and Analyst Will O'Neil.
"Users are the driving force for office sales in Los Angeles," Harper told GlobeSt.com. "They see the relative value for office real estate compared to historical pricing."
JLL alone has closed or is under contract for nearly 3 million square feet of user office purchases, with an aggregate value of nearly $500 million so far in 2026.
Source: GlobeSt/ALM