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PASADENA, CA-Fannie Mae has expanded its offices in the Plaza Las Fuentes project, signing a 10-year, $24.7-million deal for nearly 62,000 sf at the Maguire Properties building. The lease represents an expansion from the 49,000 sf that Fannie Mae formerly leased at the 135 N. Las Robles Ave. property.

Fannie Mae was represented by John Anthony of the Downtown Los Angeles office of Charles Dunn Co. and Dan Paterson of Swearingen Realty Group, with Maguire Properties representing itself. According to Anthony, Fannie Mae needed the additional square footage to add new employees as well as accommodate its growing business. Plans have also been made to remodel the existing space.

The eight-story, 184,000-sf class A building is 100% occupied, with a tenant roster that includes East West Bank and Fed Ex Kinko’s. East West Bank relocated its headquarters to the office building from San Marino in 2005 in a 15-year lease, according to a GlobeSt.com report at the time.

The 100% occupancy of the Plaza Las Fuentes office building is a sign of the overall strength of the Pasadena office market, according to research reports by a number of brokerages. Those reports show the vacancy rate in the mid-single-digits for the city, with recent rent increases as well.

Built in 1989 and designed by architect Moore Ruble Yudell, the Plaza Las Fuentes project also includes a 350-room Westin Hotel, and McCormick & Schmick’s and California Pizza Kitchen restaurants. It is one of a number of mixed-use, office and retail projects that have been developed and redeveloped in Downtown Pasadena in recent years.

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