Pacific Palisades-based Blue Real Estate Management has acquired the historic Pacific Southwest Trust & Savings Bank building at 234 E. Colorado Blvd. in Pasadena for $11.5 million.
The eight-story, 116,000-square-foot building on the edge of Old Pasadena was the largest commercial building in the city at the time of its completion in the 1920s, according to Ross Wallach of Diversified Commercial Investments, who represented the buyer along with Douglas Cancienne of Diversified.
Wallach said that the building, which has been renovated during the last decade, was designed in the renaissance revival style by the architectural firm of Curlett & Beelman, with granite, brick and terra cotta exterior and an interior featuring marble, wood and Florentine-style painted surfaces.
Blue Real Estate Management acquired the building on behalf of investor clients. The seller, YTC (USA) Inc., was represented by William Puget of Cushman Realty Corp.