Barker Pacific Group announced Thursday that 301 N. Lake Ave. has signed eight new major leases and two lease expansions totaling more than 73,000 square feet.
Irvine, Calif.-based Premier Workspaces, one of the largest privately-owned co-working operators in the U.S., signed a 10-year lease for a 16,700-square-foot space located on the sixth floor, featuring panoramic views, on-site hospitality team, 74 private offices, serviced meeting rooms, and a masterfully designed common area.
“We are excited to add another Pasadena location to our portfolio of centers throughout Greater Los Angeles,” said Michael Pollack, vice president, director of real estate at Premier Workspaces.
“Our 301 North Lake location will focus on premium, private offices for individuals and small teams. The layout is also designed to accommodate larger teams looking for contiguous space. All the offices will feature the same high-end furniture used in our most recent build-outs – clients love the clean aesthetic.”
Other substantial leases include diversified financial firm Raymond James grabbing 8,873 square feet, brokered by Cushman Wakefield; renewable energy development and investment company Solariant Capital garnering 6,231 square feet, brokered by Compass; and law firm Hosp, Gilbert & Bergsten securing 6,058 square feet, brokered by Cresa.
Scott Unger, Bill Boyd, and Linda Lee of Kidder Mathews manage the leasing effort for the 227,019-square-foot class A office building. 301 N. Lake Ave. is owned and professionally managed by Barker Pacific Group (BPG), which acquired the 11-story tower in November 2018.
With the new leases, 301 N. Lake Ave. is 86 percent occupied. Commanding a preferred site just off the I-210 freeway and convenient to all downtown Pasadena has to offer, the tower is located on Lake Avenue, one of Pasadena’s most prominent and active thoroughfares.
“We’re thrilled to be able to provide much-needed space to these companies as they grow,” said Barker, managing director of Barker Pacific Group. “Retaining our tenants is a key factor in the tower’s success, and most firms really connect with the unique space at 301 N. Lake. Our vision for the property is coming to fruition.”
The BPG team has made strategic improvements in the building’s interior and exterior common areas, capitalizing on the significant opportunity to reposition this high-quality building in the marketplace through aggressive leasing, while offering an attractive risk-adjusted return to investors.