Dine Brands Signs 92K-SF Lease at LPC West’s New Pasadena Development

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LPC West, the West Coast arm of Lincoln Property Company, has secured the first office tenant for its massive mixed-use development in Pasadena, Calif.

Dine Brands will take 92,000 square feet in the first office building in the 10 West development that was completed in the first quarter of this year. The new Class A office at 10 West Walnut in Old Pasadena will be the new headquarters for the food and beverage company, which is relocating from neighboring Glendale to the west. LPC West did not disclose lease rates.

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The 10 West development replaces the former campus of engineering firm Parsons Corp. When complete, it will include three five-story buildings with at least 600,000 square feet of office space and 394 residential units, as well as retail and top-floor deck space. LPC West claims it’s the first new development with office space in Old Pasadena in three decades.

According to Newmark’s first-quarter office report, Pasadena currently includes over 8.1 million square feet of office space, with a 16.6 percent vacancy rate.

The first phase of the 10 West project is going up on old parking lots at the corner of North Fair Oaks Avenue and West Walnut Street with 220,000 square feet of office space, all of the residential units, and 15,000 square feet of retail space. The second phase of the development will include at least 380,000 square feet of office space.

Dine Brands was founded in 2007 and is the franchisor of restaurant chains such as Applebee’s and IHOP, with more than 3,400 restaurants around the world. It was not immediately clear who brokered the lease for LPC or the tenant.

Pasadena has seen increasing investor interest in office, life sciences and retail real estate. Earlier this week, Commercial Observer reported that Felson Companies and Blatteis & Schnur acquired a high-end retail property in Old Town Pasadena about a block and a half away from 10 West. And, in March, gourmet cookie company Last Crumb signed an office lease to take over the fourth floor at the historic Pasadena Star-News building.

LPC West’s Kent Handleman and Douglas Brown, along with CBRE’s Doug Marlow, Todd Doney and Juliana Sampson represented the landlord on the lease. Dine was represented by Cushman & Wakefield’s Eric Duncanson, Eric Olofson and Jude Collins.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.