Cow-orking company Spaces and real estate firm Compass have signed leases totaling 71,000 square feet in Pasadena, CBRE Group Inc. announced Jan. 31.
The leases are for the Playhouse Plaza office building at 680 E. Colorado Blvd.
CBRE’s Todd Doney and Ryan Pettersen represented the landlord, BIT Playhouse Plaza.
Spaces signed a 130-month lease for 48,831 square feet spread across the ground floor and second level. Terms of the transaction were not disclosed.
The average asking rent for Class A buildings in Pasadena was $3.30 a square foot during the fourth quarter, according to data from Jones Lang LaSalle Inc., which puts the lease value at roughly $21 million. CBRE’s Matt Heyn represented Spaces in the transaction.
Spaces is owned by IWG. The location is expected to open in August.
Spaces has been growing in L.A. It was announced Jan. 29 that the co-working company had signed a nearly 70,000-square-foot lease for the Water Garden in Santa Monica.
See related story Coworking Company Spaces Taking Nearly 70K SF at Water Garden in Santa Monica
Compass added 22,242 square feet to its lease at the Playhouse Plaza, taking down the entire fourth floor. Savills Studley’s David Gordon represented Compass in the lease.
Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans
