Western Asset Management Co. has signed an early renewal at 385 E. Colorado Blvd in Pasadena for 180,000 RSF, the largest deal of 2012 for Los Angeles County. This deal shows Pasadena's ability to attract and retain large tenants and will also illustrate a strong Pasadena to other tenants considering the market, having a positive impact on occupancy. Investment Firm Gets Jump on Office Renewal
Los Angeles Business Journal
In the largest lease deal in Los Angeles County so far this year, Western Asset Management Co. has decided to stay at its downtown Pasadena headquarters.
The investment management firm signed an early renewal at 385 E. Colorado Blvd. for roughly 180,000 square feet with landlord WAR Partners LLC, sources told the Business Journal.
The deal is a reduction from the 194,000 square feet Western Asset had grown to occupy since moving into the 257,000-square-foot building when it was built in 2003.
The length and value of the new deal are not clear. However, the original lease was slated to expire in 2014 and the company was paying a base rent of about $4.6 million a year, according to filings of its parent, Legg Mason Inc.
Western Asset, ranked No. 2 on the Business Journal’s list of money management firms last year with assets of more than $176 billion, had been searching for new space in downtown Los Angeles last year. But, it ultimately decided to stay at its Pasadena property, where it has building-top signage and is next to the Paseo Colorado shopping center.
Bill Boyd, senior managing director of the Glendale office at Charles Dunn Co., said Western Asset’s decision to stay put will be a boost to the city after it lost law firm Christy Parker & Hale LLP to Glendale last year.
“It shows Pasadena can maintain significant tenancies,” Boyd said. “The market was watching to see what Western Asset would do and sure enough the building was competitive enough to allow the tenant to stay.”
Doug Marlow, executive vice president of CBRE Group Inc., represented Western Asset. Worthe Real Estate Group’s Phil Lindholm represented the landlord. Neither returned calls for comment.
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