The six-story project, at the southwest corner of Lake Avenue and Walnut Street, is being designed by the Los Angeles architectural firm of Langdon Wilson. The structural steel project is described by city officials as the only large speculative class A office building being erected in Pasadena. David Mgrublian, managing director of IDS, says the development is taking shape at a time when the office vacancy rate is in single digits in the city. The development is due to be completed in the spring of 2005.
Mgrublian says the project will provide impetus for what he calls "the increasingly appealing concept of people working and living in the same community" following the recent creation of several thousand new housing units in Pasadena.
Crown City Center, organized in an L-shape along Lake and Walnut, will offer 41,000-sf floor plates and will include a central courtyard and motor court serving a 690-car parking structure.
The building's exterior will present retail/office frontages along both streets. The majority of the project is at the entry to the city's commercial district on Lake Avenue, close to the 210 Freeway and the Gold Line transit station, which is a block north of the development. The project is in Pasadena's Enterprise Zone, which offers tenants significant financial benefits. Hayden C. Eaves IV and Shaun Stiles of Colliers Seeley International are the listing agents for the property. PCL Construction Services isthe general contractor.
Developer IDS has a management portfolio that exceeds 20 million sf and is currently managing the development of more than two million sf of space for institutional and individual investor clients.
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