(EDITOR’S NOTE: According to two sources familiar with the transaction, the property sold for $43.1 million, or approximately $553 per square foot.)
Pasadena, CA — The Swig Company today announced it has completed the sale of 443 South Raymond Avenue, a 77,810 square foot, single-story plus mezzanine historic office property in downtown Pasadena. The sale includes an adjacent four-story parking garage with space for 225 vehicles.
The buyer is Charing Cross Partners LP, a family office based in Santa Monica, CA. The firm targets properties in the Western U.S. with a focus on revenue growth and the creation of long-term value.
Since acquiring the building in August 2014, when it was tenanted by Disney Stores USA, The Swig Company has upgraded the landscaping, replaced the roof and renovated the exterior. In 2019, it re-tenanted the 100-year old property, which is now the home of Bluebeam, Inc., a cloud-based software partner to the AEC industry. 443 S. Raymond was built in the 1920s to house the warehouse and laundry of Pasadena’s Royal Laundry Company.
443 S. Raymond was the company’s second major investment in Pasadena. It still owns 595 E. Colorado, a 96,000 s.f. historic office building in the city’s Playhouse District. The ground floor and mezzanine of that building, which sits on the Rose Parade route, recently became available for lease for the first time in several decades.
About The Swig Company:
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 80-year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin H. Swig in 1936, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management, and leasing expertise, uses flexibility, generational thinking and sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry.
