L.A. Luxury Residential Market Attracts Growth; Green Dot Relocates HQ to Pasadena
- Jan 09, 2012
Even in the face of a downturn, some trends remain ever-present in the Los Angeles residential market. Take the demand for high-end condominium and detached residential properties. As the annual Swanepoel Trends Report notes, the luxury home market is prompting real estate brokerages to expand in upscale communities even as the number of agents in California has dropped 20 percent since 2007, the Los Angeles Times reported.
Veteran industry researchers like the report’s author, Stefan Swanepoel, as well as brokerage executives, agree that the upper tier of Greater Los Angeles market is less affected than other tiers. Of note, deluxe properties frequently trade in all-cash transactions rather than being financed. This environment favors boutiques that target a relatively small number of big-ticket sales rather than a large number of small and mid-size deals. Such a strategy has proven successful for niche players like Deasy/Penner & Partners. Deasy/Penner opened a new 20-person in Pasadena last May and has been able to attract a number of top veterans to the fold
In transaction news, the Glendale-Burbank-Pasadena market’s largest office lease of the year was completed in December, the Los Angeles Times reported. Green Dot Corp., the prepaid debit card provider, will relocate its headquarters from Monrovia to 141,540 square feet at 3465 E. Foothill Boulevard in Pasadena. The move will enable Green Dot to consolidate its corporate offices, which are currently spread among three buildings in Monrovia. UGL Services represented Green Dot, and CBRE Group Inc. represented the property’s owner, Wells Real Estate Investment Trust II, Inc. RenTV.com reported that the 10-year deal is valued at $45 million.