Swift Sells Los Angeles-Area Office Building

Swift Real Estate Partners has sold a 146,000-square-foot office building at 790 E. Colorado Blvd. in Pasadena, Calif. GD Realty’s Arash Danialifar purchased the asset in an off-market transaction, with the assistance of Barak Investors Group. JLL represented the seller.

Swift had acquired the building six years ago, as part of a $193 million portfolio transaction. A JLL team negotiated on behalf of the seller back then as well.

Completed in 1981, the LEED Gold-certified property was recently renovated. Amenities include a fitness center, a full-service kitchen, outdoor terraces and a conference facility equipped with a boardroom. The building was 70 percent leased at the time of sale.

---

READ ALSO: Building Pressure: How Tariffs, Costs Are Impacting California’s CRE

---

The asset is 1 mile from the city center, close to main dining and shopping venues. Downtown Los Angeles is approximately 11 miles away and the LAX Airport is 28 miles from the property.

JLL’s Capital Markets Investment Sales and Advisory team was led by Managing Director Andrew Harper, Senior Managing Director Jeff Bramson, Senior Director Will Poulsen and Associate Jacob Malloy. Swift’s Investment Manager, Jeremy Wustman, led the sale proceedings, while Barak Investors Group’s Omid Broukhim negotiated on behalf of the buyer.

L.A. office space investment

The Los Angeles office market continues to perform strongly, according to Yardi Research Data. As of May, the City of Angels was the second top-performing metro in the U.S. for office deals, with the price per square foot averaging $281. San Francisco followed, with $272 per square foot.

In one of the largest sales of the summer, Barings paid $150.7 million for a creative office campus in West Los Angeles. Clarion Partners sold the property totaling 306,809 square feet.

At the end of June, Sunny Hills Management Co. purchased a 462,000-square-foot office campus in Culver City, Calif. Newmark brokered the deal.