State Compensation Insurance Fund has purchased a 158,785-square-foot Class A office building at 35 N. Lake Ave. in Pasadena, CBRE announced. Los Angeles Business First reported the purchase price as $33 million. The buyer is a public enterprise, not-for-profit insurance carrier established in 1914 to provide fairly-priced workers’ compensation insurance to any California business that needs it.
The company plans to occupy a portion of the nine-story building as a regional hub for its Southern California operations, with the remaining space available for lease to third-party tenants. State Fund plans to renovate the property and add new amenities, including a fitness center and meeting space available to tenants.
Brad Chelf, Ron Wade and Taylor Watson of CBRE represented the buyer. JLL represented the seller, Swift Real Estate Partners, which will continue managing the property.
“The property’s location and existing infrastructure position it well for owner-occupancy and continued leasing activity,” said Chelf.
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