Former Pasadena Museum of California Art Building on the Market Again, for $7.7 Million

The three-story, 29,600-square-foot building at 490 E. Union Street in Pasadena’s Playhouse District that was formerly home to the Pasadena Museum of California Art until last year is up for sale with an asking price of $7.7 million.

The property sits on .68 acres of land and includes 35 covered parking spaces, as well as 2,000 square feet of private storage space.

“The second floor boasts 11,976 square feet that is currently built out as a Museum Quality Art Gallery with dramatic 16-foot ceilings, a painters room, and event space with a gorgeous outdoor patio perfect for hosting events with a service bar, Coldwell Banker Commercial in Pasadena said in a written statement. “In addition, there is a 5,419 square foot residence with additional staging space on the third floor, with private balconies and a stunning private rooftop deck. There are two elevators and artistic staircases that connect each floor.”

The listing is being handled by Coldwell’s Bill Ukropina and Kathi Costanzo.

The structure was built in 2002 and operated as the museum until early-2019.

The museum shut its doors early last year, and the property was sold to a Santa Barbara-based developer.

That sale was completed, but the developer no longer wishes to hold on to the asset and has decided to list it for sale, Ukropina said.

“This unique property, located a short walk from Pasadena’s iconic city hall, should draw a lot of interest because of its excellent location and unique configuration,” Ukropina said.

The building was constructed in 2002 by Robert and Arlene Oltman, who lived in the penthouse while operating the museum, which became a popular social gathering place in the city.

The listing comes during what has been a challenging time for the commercial real estate market amid the COVID-19 pandemic and stay-at-home orders.

“I think that obviously retail spaces like restaurants, physical fitness organizations, ballroom dancing spaces (and) spaces where people gather for seminars have been hit the hardest,” Ukropina said. “The other part of real estate that I think is going to get hit hard is high-rise office space, because a lot of companies just aren’t going to rent this much space and those expensive buildings.”

But the former museum building has a lot to offer for the right buyer, he said.

“It would certainly be great for another museum with someone who parks their classic and expensive cars on the first floor, where there are 35 covered spaces with security, and has their art and other artifacts on the second floor and perhaps even lives or hosts huge events on that beautiful third-floor balcony,” Ukropina said.

“It could also be for a studio, where you have the art, the second floor, which could be a studio or other types of uses for seminars and speaking, and then the third floor to house people either temporarily or full time. And then that grand first floor,” he said.

Bob and Arlene Oltman had it for almost 20 years, and were gracious hosts of many philanthropic organizations in the greater Pasadena area,” Ukropian said. “We hope perhaps the building might be used partially for that in the future.”.

For more information, Ukropina can be reached at (626) 844-2200 or via email at  bill.ukropina@cbcnrt.com. Constanzo can be reached at (626) 898-2308 or via email at kathi.constanzo@cbcnrt.com.