Western Asset Plaza’s Marquee Customer Renews 184,500 Square-Foot Lease
Renewal is the largest lease signed in greater Los Angeles area in Q4 2022
PASADENA, Calif. (Jan. 17, 2023) — Irvine Company announced today that Western Asset Management Company leased 184,500 square feet at the building that carries its name — Western Asset Plaza, a five-story, Class A workspace in downtown Pasadena.
The renewal of Western Asset is the largest lease signed in the greater Los Angeles area in the fourth quarter of 2022. Douglas Marlow with CBRE represented Western Asset Management.
The workplace has served as headquarters for the global fixed-income investment company since 2004. Irvine Company acquired Western Asset Plaza in 2012, then modernized its lobby, enhanced its outdoor workspaces and refreshed the building’s facade.
“Western Asset Plaza has served as our corporate headquarters for nearly 20 years, and we are thrilled to be extending this long standing relationship with Irvine Company,” said Drew Bowden, COO at Western Asset. “Western Asset has been a proud partner and supporter of Pasadena for 35 years. Maintaining our connection with the city was an important objective for our firm.”
Western Asset Plaza is more than 90% leased, with only three move-in ready suites available. These suites offer premium, private workspace with terms that start at six months through Irvine Company’s Flex+ program.
“Companies are drawn to Irvine Company for our premium workspaces, outstanding service and unmatched financial strength as long-term owners,” said Beau Rawi, regional vice president of leasing for Irvine Company. “We’ve developed workplace communities that foster collaboration and provide the flexibility and customization that create an office environment where teams can succeed.”
With convenient connections for commuting, the location offers easy access to the 210, 134, 110 and 2 freeways and the Metro Gold Line. Pasadena is home to a vibrant, local workforce with tech incubator Idealab, CalTech, JPL and Art Center College of Design. Western Asset Plaza features onsite fine dining with Ruth’s Chris Steak House and is surrounded by more than 60 shopping, dining, and entertainment destinations within walking distance.
About Irvine Company Office
Irvine Company elevates the workplace by combining inspired design, exceptional quality, innovative solutions and experience-driven amenities. Renowned for continual evolution, reinvestment and personalized service, Irvine Company creates environments that cultivate collaboration, creativity and customer success. The company serves more than 3,000 customers in 50 million square feet of premier workplaces in Orange County, Los Angeles, Silicon Valley and San Diego, as well as iconic towers in Chicago and New York. Irvine Company leads the industry with a forward-looking mindset and commitment to creating thriving communities.