Driverless Car Firm Signs 48 KSF Pasadena Lease
- Feb 22, 2019
EverWest Real Estate Investors has signed a 47,051-square-foot lease with GM Cruise, a San Francisco-based driverless car company, at a recently upgraded office building in Pasadena, Calif. CBRE represented the landlord in the deal valued at $11.4 million.
Located at 465 N. Halstead St., the 238,205-square-foot property was completed in 1958. EverWest acquired the asset for $66.5 million in June 2016 from DivcoWest, according to Yardi Matrix. Under the new ownership, the two-story building underwent comprehensive base building and architectural improvements that resulted in creative office space with large contiguous floorplans and collaborative environments.
CBRE Senior Vice Presidents Kevin Duffy and Natalie Bazarevitsch, alongside Business Integration Manager Jackie Benavidez, worked on behalf of EverWest, while Principal Lisa St. John with LA Realty Partners represented the tenant. GM Cruise joins companies such as PNC Bank, OE Waves, Giant Magellan Telescope Organization and 24-Hour Fitness.
Metro Gold Line access
The low-rise property provides access to the Sierra Madre Villa Metro Gold Line Station, a 31-mile light rail that allows tenants to commute for areas as far east as Azusa and as far west as downtown Los Angeles. Situated in North Pasadena, the building is adjacent to restaurants, retail venues and housing. The region has been drawing in technology, financial and engineering companies due to the larger floorplan options, proximity to amenities, high parking ratios and the Metro Gold Line, according to CBRE.
“Capturing yet another significant engineering/technology tenant provides further evidence that Pasadena is an extremely desirable and ever-growing tech hub in Southern California with access to intellectual capital,” Duffy said in prepared remarks.
Image courtesy of CBRE