Nine-Story Office Tower in Pasadena Sells for $31.5 Million in Off-Market Transaction

A nine-story office building at 790 East Colorado Boulevard has been sold for $31.5 million in an off-market deal, according to multiple real estate sources.

The transaction, which reportedly closed August 18, involved buyer Arash Danialifar, CEO and founder of GD Realty Group, and seller Swift Real Estate Partners. JLL Capital Markets announced and facilitated the sale of the 146,000-square-foot property, which was approximately 70 percent leased at the time of closing, according to Commercial Search.

The building includes a fitness center, full-service kitchen, outdoor terraces, a boardroom-equipped conference facility, subterranean parking, and 24-hour security.

Swift Real Estate Partners had reportedly acquired the property in 2019 for $59 million. The recent sale represents a roughly 47 percent decrease in value, reflecting broader market pressures in the commercial real estate sector. The Real Deal reported the discount in its August 15 article, “From $59M to $31M: Swift sells Pasadena office building.”

“This is one of the most unique office buildings I have encountered,” Danialifar said, as quoted by The Real Deal.

The sale spotlights apparently reflects ongoing shifts in investor sentiment and leasing dynamics across the Pasadena office market, where vacancy rates have fluctuated amid post-pandemic adjustments and hybrid work trends.