Pasadena, Calif. - June 26, 2015 – The newly constructed Playhouse Plaza, located in the heart of the historic Playhouse District in Pasadena, announces the first tenants to the project: EpicSpaces, Charles Schwab, and Alibaba. Completed in April of this year, this is the first office development in Pasadena since 2005. Epic Spaces, a co-working firm, leased 9,500-square-feet, Charles Schwab, a brokerage and banking firm, leased 9,300 -square-feet, and Alibaba, the China-based e-commerce firm, leased a full floor of approximately 22,000 square-feet. The marketing team of CBRE Vice Chairman R. Todd Doney and First Vice President Steve Nelson along with Senior Vice Presidents Dave Saeta and Rob Fuelling of IDS Real Estate Group represented the developer of the property, IDS Real Estate Group, in the transactions.
Playhouse Plaza is a five-story, 155,002-square-foot, Class A office building located on the southeast corner of Colorado Boulevard and El Molino Avenue. It is entitled for office, restaurant, and retail uses and has 5,000-square-feet of outdoor courtyard space. The property was designed to appeal in particular to financial and tech companies, as well as creative office tenants, according to Mr. Doney.
“This is the first time in 10 years that tenants have the opportunity to lease office space in a brand new building in Pasadena,” says Mr. Doney. “There is a considerable amount of pent-up demand for premium office product, and given the array of amenities and mixed- use design that Playhouse Plaza provides for, this is a really exciting project for the market.”
Dave Saeta added, “Playhouse Plaza provides tenants with the preeminent office building in the Tri-Cities market and enhances the vibrancy of the Playhouse District”.
The office spaces feature a mixture of executive and large floor plates, views of the San Gabriel mountains and balconies overlooking the Rose Parade route. The property includes two stand-alone retail buildings that are proposed to be restaurants that will complement the Playhouse Theater.
The property is within walking distance of numerous restaurants, shops and entertainment venues including the historic Pasadena Playhouse. It has access to the ARTS bus and Gold Line’s Lake Avenue Station, as well as the 134, 210, and 110 freeways. It includes 367 parking spaces within four levels below grade with direct elevator access to the office tower lobby. -------
About IDS Real Estate Group Now in its twenty-ninth year of business, IDS Real Estate Group is a commercial real estate services company focusing on the Western United States. The company has a diverse portfolio exceeding 20 million square feet, and acts as a development manager on over four million square feet of space on behalf of their institutional and individual investor partners. For more, visit www.idsrealestate.com.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.