Pasadena engineering and construction management company Tetra Tech Inc. closed 2014 by committing to keeping its headquarters in the San Gabriel Valley.
The publicly traded company renewed its lease at 3475 E. Foothill Blvd. in a year-end deal, according to real estate sources. As part of the renewal – a deal that will run for more than five years – the company gave back about 7,000 square feet, leasing about 61,000 square feet in the 118,500-square-foot building owned by Wells Real Estate Funds, a real estate investment trust out of Norcross, Ga. Real estate sources estimate the deal was done at about $2.50 a square foot a month, valuing the lease at more than $9 million.
The company, which shares the three-story Class B building with insurance firm Bolton & Co., has occupied space in the two-building business park for about a decade. Prepaid credit card company Green Dot Corp. also takes space in the office campus.
Shadd Walker, a senior vice president in the downtown L.A. office of Colliers International, said Tetra Tech was committed to keeping its headquarters in Pasadena. He and Nico Vilgiate, also of Colliers, represented the landlord.
“I can’t speak for (Tetra Tech), but I think the project offers a central location, close proximity to lots of amenities, good freeway access and access to the Metro Gold Line, as well as a nice campus environment,” he said.
Todd Doney of CBRE Group Inc. represented the tenant in the deal.
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