This action might not be possible to undo. Are you sure you want to continue?
South Lake Avenue has gained 2 new OFFICE tenants. Much of the commercial real estate news in Pasadena has focused on retail and restaurant tenants, but this news is unique in that the slowest growing market on South Lake, the office leasing market, is gaining 2 new tenants. Both involved direct space, and were not subleases. Both companies selected the Lake & California Financial Center, an approximate 55,000 square foot, 5 story building located at the southeast corner of Lake and California. The building is now 97% leased, and has one of the highest occupancy rates of any Class A building on South Lake. The first new tenant is Pac Trust Bank, a division of Pac Trust Bancorp, Inc. The bank will take over the ground floor corner comprising approximately 4,500 square feet. Pac Trust is a federally chartered savings bank with over 70 years of history being a profitable and community oriented financial institution. It trades on NASDAC under the symbol ‘BANC’. In 2010 the company completed a private placement of over $60 million of common stock to accredited investors. There are other branches in Santa Monica, La Jolla, Century City and Santa Barbara, among others. The second new tenant is Law & Greenspan, Engineers/Transportation Management Services. This firm considered relocating outside of Pasadena until I showed them the penthouse suite with almost 1,000 square feet of patio deck with 180 degree views of the mountains, City Hall, Cal Tech, and Mount Wilson. Law & Greenspan provides transportation planning and traffic engineering services to both private and public sector clients throughout Los Angeles, Orange County and San Diego County regions. They also prepare master plans for campuses and multi-use development projects. Law & Greenspan has been a top 10 “Best Firms to Work For” as ranked by the Civil Engineers News and, ranked 7th in the Small Firms Category of companies who employ 100 or fewer employees. John E. Alle, President of JOHN ALLE COMPANY, based in Pasadena, negotiated both transactions on behalf of the building ownership.