Financial Services Firm Renews and Expands in Pasadena
By Nick Trombola November 27, 2023 4:15 pm
reprints
Raymond James & Associates has signed a new office lease for a regional headquarters in Pasadena, Calif.
The firm renewed a 8,873-square-foot lease at 301 North Lake Avenue, and added a 10,848-square-foot lease on the 11th floor, for a total of 19,721 square feet. The 227,019-square-foot, Class A office building, just south of Interstate 210, is now 84 percent occupied.
Cushman & Wakefield (CWK) represented Raymond James, while Kidder Mathews managed the leasing effort for Barker Pacific Group (BPG), which acquired the building in 2018.
The terms of the lease were not immediately disclosed.
“We’re thrilled to be able to provide much-needed space to these companies as they grow,” BPG Managing Director Michael Barker said in a statement. “Retaining our tenants is a key factor in the tower’s success, and most firms really connect with the unique space at 301 North Lake.”
BPG is gaining momentum in Southern California. Earlier this month, Optima Tax Relief signed a 38,090-square-foot, 40-month lease at Griffin Towers, a Santa Ana office complex owned by BPG and Kingsbarn Realty Capital.
Office leasing activity in Greater Los Angeles, excluding renewals, totaled 2.3 million square feet in the third quarter, representing a 5.1 percent quarterly decrease and 28.6 percent drop year-over-year, according to a recent market report by Cushman & Wakefield. Leasing activity in the market is expected to remain soft through the rest of the year with continued tenant downsizing, labor force readjustments and additional sublease space returning to the market, per the report.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
