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May 19, 2022
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Historic Office Asset in South Pasadena Fetches Over $500/sf


Baranger Studios, a 13.2k sf, historic office property in South Pasadena, sold to a local investor for $6.8 mil ($515/sf). This was the first time in 37 years the building traded hands.

The landmark property is located at 729 Mission St, in proximity to the South Pasadena Metro Gold Line Station. It is fully occupied by four tenants.

The property, originally built in 1925, is comprised of three buildings connected through an open courtyard. The site was designed by architect G.A. Howard and is of a one-story brick Gothic Revival design. It was originally built for Arch and Hazel Baranger, who operated a wholesale business supplying motion displays to downtown jewelry stores.

CBRE’s Kyle Barratt and Jackie Benavidez represented the seller, a local family who has owned and operated the building since 1984. The buyer was a local Pasadena resident.

“This is a highly desirable, one-of-a-kind historic South Pasadena property, and we received multiple offers during the first week on the market,” said Barratt. “Demand for these types of historic buildings remains high, especially for buyers who seek to eventually occupy for their own use. As rental rates in the market climb, owner-user opportunities continue to increase in desirability among buyers.”

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