GM’s Driverless Car Unit Cruise Leases 47K SF in Pasadena
By Chava Gourarie February 25, 2019 9:38 am
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The driverless car company GM Cruise signed a lease for 47,051 square feet in Pasadena, Commercial Observer has learned.
The self-driving unit of General Motors will occupy a two-story building at 465 North Halstead Street, near the Hastings Village Shopping Center, according to information from CBRE.
EverWest Real Estate Investors bought the 239,000-square-foot building in 2016 for just under $67 million from Divco Real Estate and Edgewood Partners, who bought it for $36 million three years before that, according to The Real Deal.
GM bought the San Francisco-based Cruise in for $1 billion in 2016 to jumpstart its driverless car department. In May 2018, it received a $2.25 billion investment from SoftBank, and then a $2 billion commitment from Honda in October, to be distributed over the next 12 years.
CBRE’s Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez represented the landlord.
“This lease signing is a major win for the City of Pasadena,” said Duffy in a prepared statement. “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.”
Other tenants in the building a 24-Hour Fitness, Roughan and Associates, and the GMTO Corporation.
