Shidler, which sold the property through its AGBRI Pasadena L.P. partnership, acquired the tower as part of the $265-million portfolio of properties in California and Texas that it bought in partnership with New York investment bank Angelo Gordon & Co. in 1998 from Sinar Mas, Indonesia's second-largest conglomerate.

Marc Renard of Cushman & Wakefield, who represented the Shidler Group, tells GlobeSt.com that the sellers made substantial improvements to the building during the time they owned it. He says the nine-story, 140,000-sf office tower was built in 1971 and was more than 95% occupied at the time of the sale.

Pasadena Office Tower is in the Old Town section of the city, a shopping and entertainment district that was restored and redeveloped in the 1990s and is heralded as one of the most successful downtown restorations in Southern California.