State Compensation Insurance Fund Acquires Class A Office Building at 35 N Lake in Pasadena in Owner-User Deal

State Compensation Insurance Fund has acquired 35 N Lake, a 158,785-square-foot Class A office building in Pasadena, California, according to an announcement from JLL Capital Markets on April 24, 2026. Swift Real Estate Partners, the San Francisco-based seller, was represented by JLL in the transaction. The buyer was represented by CBRE. Financial terms of the deal were not disclosed.

Property and Location Details

The property, located at 35 N Lake Ave. in Pasadena, holds LEED Gold certification and sits approximately 10 miles northeast of downtown Los Angeles. The building benefits from proximity to the Metro Gold Line, offering transit connectivity to Santa Monica, the South Bay, and Hollywood. Nearby residential communities include South Pasadena, La Cañada, and San Marino.

Pasadena has been recognized by The New York Times as the "shining jewel of Southern California" and features more restaurants per capita than New York City, as well as more museums per capita than nearly any other U.S. city, according to the announcement.

An Owner-User Office Real Estate Acquisition

The transaction is structured as an owner-user acquisition, a deal type in which the buyer intends to occupy the property rather than lease it to third-party tenants.

"Owner-user acquisitions allow companies to control their real estate destiny while building long-term equity," said Donald Harper, Managing Director at JLL. "State Fund recognized the value of owning a best-in-class asset in one of Southern California's most desirable office markets. The property's thoughtful repositioning and prime Pasadena location made this a strategic investment for their operational future."

Seller Background: Swift Real Estate Partners

Swift Real Estate Partners, founded in 2010 and headquartered in San Francisco, is a vertically integrated real estate investment firm with regional offices in Orange County, Portland, the San Francisco East Bay, and Silicon Valley. The firm focuses on acquiring and repositioning office and industrial assets in select West Coast markets. Since its inception, Swift has owned and operated real estate valued in excess of $4 billion across more than 10 million square feet.

JLL Capital Markets Team

The JLL Capital Markets team representing Swift Real Estate Partners in the transaction included Senior Managing Director Jeffrey Bramson, Managing Director Andrew Harper, Senior Director Will Poulsen, Associate Jacob Molloy, and Analyst Will O'Neil.

JLL (NYSE: JLL) reported annual revenue of $26.1 billion as of December 31, 2025, and operates in more than 80 countries with a global workforce exceeding 113,000. The firm's Capital Markets group includes more than 3,000 specialists across offices in nearly 50 countries, providing investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, and related services.

Sources: JLL Newsroom – JLL Facilitates the Sale of Class A Office Tower in Pasadena