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PASADENA, CA-Glendale-based Povac Investments has acquired The Boston Building at 35 Raymond Ave. from Pasadena Design Center LLC, for $4.8 million and plans to convert the building to condominiums with street-level retail space, according to Cushman & Wakefield.

Manfred Schaub and John Winnek of Cushman & Wakefield, who brokered the transaction, say the new owner has submitted plans to rehabilitate the existing structure and add two additional floors for condominiums.

Built in 1904 and renovated in the 1930s, the three-story, 52,000-sf Boston Building is a landmark in Old Town Pasadena. The building is eligible for listing in the National Register of Historic Places as a contributor to the Old Pasadena National Register Historic District. The building is associated with several important figures in Pasadena history, including architects Charles Buchanan and Henry Greene; as well as contractor and one-time mayor Matthew Slavin.

Situated just north of Colorado Boulevard, the property is a dominant structure on Raymond Avenue and is a key link to the further success of Old Town Pasadena, according to Schaub and Winnek.

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