The deal includes rights for the bank to place its name on the building, probably within the next two to three months. Financial terms of the lease were not disclosed, but industry sources say asking rates are $2.15 per to $2.30 per sf per month for the office space. The bank was represented by Dick Schnell of Colliers Seeley International, while Equity Office was represented in-house by Brendan McCracken.
V. Charles Jackson, president and CEO of the bank, says it chose to relocate its corporate offices to 790 E. Colorado because it wanted a high visibility building with room to expand. The bank expects to relocate into the nine-story, 130,800-sf building in the summer. Its offices now are at 100 Corson St. in Pasadena, where it occupies 20,527 sf and has been based for 15 years.
The move will actually cut down the amount of space leased by Community Bank, however, since the bank is on a lease for more than 37,000 sf at its current location and has subleased some of the office area.
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