Economic Development and Technology Committee to Hear Economic Updates at Upcoming Meeting

The Economic Development and Technology Committee will hear updates about the local economy from the City’s Economic Development Division updates on Jan. 31.

Pasadena Economic Development Director David Klug’s report to the committee contains information about the number of commercial spaces recently sold in Pasadena in the last quarter and the businesses that relocated and opened up new locations in Pasadena recently.

Included among new businesses in the city is Chinese automaker Build Your Dream. According to Klug, Build Your Dream recently took over a sublease at 888 E. Walnut.

Klug’s report stated it is anticipated that Build Your Dream would bring about 140 employees to Pasadena.

Klug also reported that private nonprofit organization Better Business Bureau (BBB) has a new Pasadena office located at 696 E. Colorado. 

The site will serve businesses and consumers in Los Angeles, Santa Clara, San Benito, Santa Cruz and Monterey counties.

“On average, our Pasadena office processes nearly a thousand consumer complaints per day. We are proud to serve our local area and thrilled to be in Pasadena,” BBB CEO Steve McFarland was quoted as saying. 

According to Klug’s report, global fixed-income management company Western Asset Management Company, recently renewed its lease at 385 E. Colorado Blvd.

To date, Western Asset has nine offices and 757 employees worldwide. It currently has $484.5 billion in assets under management as of December 31, 2020. 

“As a significant employer, Pasadena is excited to have Western Asset here through 2035,” Klug’s report stated.

Economic Development and Technology Committee meetings are available for public in-person participation. Meetings are held at City Hall in the Council Chambers, Room S249.

To view a live stream of the meeting, visit: 

http://pasadena.granicus.com/MediaPlayer.php?publish_id=9.