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Western Asset Management Renews Lease on Pasadena Headquarters, Largest Fourth Quarter Lease Deal in LA Area

Published on Saturday, January 21, 2023 | 5:58 am
 

Western Asset Management Company has renewed its 184,500 square foot lease in Pasadena at 385 E. Colorado Blvd. [Image courtesy the Irvine Company]
Western Asset Management Company has renewed its lease on 184,500 square feet of space at the building in downtown Pasadena that carries its name: Western Asset Plaza, a five-story office building on the northwest corner of Colorado Blvd. and Los Robles Ave.

In a statement, Irvine Company, which owns the building, said the renewal of Western Asset is the largest lease signed in the greater Los Angeles area in the fourth quarter of 2022. Douglas Marlow with CBRE represented Western Asset Management.

The workplace has served as headquarters for the global fixed-income investment company since 2004. Irvine Company acquired the building in 2012, and then went about modernizing the lobby, enhancing its outdoor workspaces and refreshing the building’s façade.

“Western Asset Plaza has served as our corporate headquarters for nearly 20 years, and we are thrilled to be extending this long standing relationship with Irvine Company,” Drew Bowden, COO at Western Asset, said. “Western Asset has been a proud partner and supporter of Pasadena for 35 years. Maintaining our connection with the city was an important objective for our firm.”

Western Asset Plaza is more than 90-percent leased, with only three move-in-ready suites available. These suites offer premium, private workspace with terms that start at six months through Irvine Company’s Flex+ program.

“Companies are drawn to Irvine Company for our premium workspaces, outstanding service and unmatched financial strength as long-term owners,” Beau Rawi, regional vice president of leasing for Irvine Company, said. “We’ve developed workplace communities that foster collaboration and provide the flexibility and customization that create an office environment where teams can succeed.”

The location offers convenient connections for commuting, with easy access to the 210, 134, 110 and 2 freeways and the Metro Gold Line. The property houses on-site fine dining with terraced seating at Ruth’s Chris Steak House, The Commons, an outdoor collaboration space with plush seating and complimentary WiFi, a tech-enabled conference room, a Customer Resource Center, EV charging stations and three stories of on-site subterranean parking.

The city of Pasadena itself is home to a vibrant, local workforce whose background in education and experience come from such institutions as Caltech, JPL, tech incubator Idealab and ArtCenter College of Design. Nearby cultural attractions include The Huntington Library, Art Museum, and Botanical Gardens in San Marino, and the Pasadena Museum of California Art. Of course, Pasadena is best known for hosting the annual Rose Bowl and Tournament of Roses Parade, and is located at the base of the San Gabriel Mountains.

Western Asset Plaza is surrounded by more than 60 shopping, dining, and entertainment destinations within walking distance.

Overall, Western Asset Plaza has over 270,000 square feet of premium workspace across five stories, featuring move-in-ready workspaces with efficient, customizable floorplans, one of the largest floor plates in the market, and prominent brand exposure along Colorado Boulevard. Work spaces in the building can be anywhere between 4,916 and 11,824 square feet in size.

Western Asset Plaza’s landscaped terraces offer views of the San Gabriel Mountains. The building is Energy Star-certified for more sustainable environments.

For more information, visit www.irvinecompanyoffice.com/locations/los-angeles/pasadena.html

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