PASADENA, CA—21st Century Techbanq Pasadena LLC has acquired a historic building in Pasadena for $36.4 million from Embarcadero Capital Partners in an off-market transaction. Located at 234 E. Colorado Ave., the 123,100-square-foot office-and-retail building is known for its architectural design.

A BJs Brewhouse occupies the ground floor of this property, which attracts office tenants as well with function floor plates, mountain and city views and proximity to amenities. The property is on the Tournament of Roses Parade, a high-traffic area with ample retail and restaurants, and is adjacent to the Paseo Colorado Shopping Center. Madison Partners Matt Case and Bob Safai represented the seller in the transaction. Cassidy Turley's Tenny Tsai, Danny Yu, Suzanne Lee and Jake Dederer represented the buyer. They were unavailable for comment prior to the publication of this story.

This is the third property that the Madison Partners have sold in this submarket this year. The other two transactions include the sale of the historic Star News Building in Downtown Pasadena for $16.5 million and the sale of the Disney headquarters building for $26.1 million.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.