JLL Gets 479,249-SF Leasing and Management Contract

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22^nd in Los Angeles).

PASADENA, CA-Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement yesterday, but GlobeSt.com has exclusively learned that Jones Lang LaSalle has been awarded the leasing and management of Pasadena Towers. The two building, 479,249-square-foot, class-A office complex is located at 800 E. Colorado Blvd. and 55 S. Lake Ave. Here in Pasadena, CA.

JLL was hired by the landlord, an affiliate of Beacon Capital Partners LLC, which acquired the building in January, 2012. Leading the leasing efforts for Pasadena Towers are Jones Lang LaSalle Los Angeles team members Shaun Stiles, John McAniff and Katie Blasiar. Jones Lang LaSalle director of property management, Michael Prabhu will handle the property management oversight.

“The Tri-Cities office leasing submarket began to stabilize in 2011 with Pasadena leading the way with 92,394 square feet of absorption in the fourth quarter alone and vacancy falling to 22.6%,” says Stiles. “Engineering and technology firms continue to be very active in this area because of its proximity to the California Institute of Technology and Jet Propulsion Laboratory.”

Located at the southwest corner of Colorado Boulevard and Lake Avenue, Pasadena Towers is just minutes from the I-210 Freeway, providing convenient access to multiple Los Angeles submarkets. The property is in the heart of Pasadena's Central Business District with unsurpassed assess to retail, restaurants and other amenities. 

At 73% leased, Pasadena Towers' tenant roster includes First Quadrant, Morgan Stanley, Tokio Marine and Zurich. JLL did not respond to GlobeSt.com queries on asking rent or further marketing strategies by deadline.