Driverless car purveyor GM Cruise has signed an $11.4 million lease agreement to occupy a two-building, 47,000 square-foot complex at 465 North Halstead Street in Pasadena.
The San Francisco-based company agreed to a seven-year lease, according to a Feb. 19 report in The Real Deal.
The 465 North Halstead address is located a half-mile from the Metro Gold Line and access to Downtown Pasadena, Downtown Los Angeles, and the San Gabriel Valley.
The building is also home to the Giant Magellan Telescope Organization, PNC Bank, OE Waves, and 24-Hour Fitness.
CBRE represented the landlord, Everwest Real Estate Investors, and announced the deal. LA Realty Partners represented GM Cruise, according to the report.
Everwest described the Pasadena building as a 238,205 square foot creative office project located on 9.6 acres. The property recently underwent extensive base building and architectural upgrades with an eye to fashioning a creative office project offering large, spread out, contiguous spaces.
The property features outdoor work spaces and is adjacent to commercial and retail offerings. .
The report said the autonomous vehicles industry could shift the traditional rules that govern real estate values, particularly concerning mass transit and the need for on-site parking. It quoted a survey by consulting firm McKinsey & Co., estimating driverless vehicles could reduce the need for parking nationwide by 61 billion square feet.
CBRE said tech and media companies contributed about 2.4 million square feet of leases and purchases in Los Angeles in 2018, with giants like Netflix and Amazon Studios leasing more than 1.7 million square feet in the fourth quarter alone.
In Pasadena, co-working firm Space signed, last month, an 11-year lease for 49,000 square feet, at the same time as Compass signed for 22,250 square feet, both at Playhouse Plaza, the report said.