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NAI Capital Media Release:
NAI Capital Commercial is pleased to announce the successful completion of an 18,370 square foot office lease at 625 Fair Oaks in South Pasadena, California. Executive Vice President Tina LaMonica, SIOR, from the Pasadena office, represented the landlord, Greenbridge, in this transaction. The tenant, Pacific Clinics, was represented by Jeff Boucher of Radius.
In June of 2018, Tina was appointed as the exclusive leasing agent for Greenbridge to market 625 Fair Oaks, a Class A office building spanning 91,770 square feet. Situated within the L.A.’s Tri-Cities office submarket, the building is located just 2.3 miles away from Old Town Pasadena’s Central Business District. It is a premier, three-story multi-tenant office building. Following recent renovations, the office project now offers amenities such as free Wi-Fi throughout the complex, inviting outdoor furniture, and lush landscaping, fostering a collaborative environment for tenants. Additionally, the building is conveniently located only half a mile away from the South Pasadena Metro Gold Line Station, providing tenants with easy access to transportation.
When Tina assumed the assignment in 2018, 625 Fair Oaks had a leasing rate of 62%, and there was a total of 33,928 square feet of vacant space. By March 2022, Tina got the entire building 100% leased. Currently, there is only one vacant unit remaining, and the lease of 18,370 square feet by Pacific Clinics has brought the occupancy of 625 Fair Oaks to 98%. The greater Pasadena submarket’s vacancy rate has decreased to 12.3%, showing a decline of 70 basis points from the first quarter of 2023 and 130 basis points lower than the second quarter of the previous year. This lease represents one of the largest direct leases for a Class A office building in the greater Pasadena office market within the last 14 months, further building on the positive momentum.
Tina enthusiastically stated, “We are thrilled to successfully execute Greenbridge’s strategic plan for this project. They possess a deep understanding of the factors that drive tenants in today’s dynamic marketplace. Reflecting on the post-pandemic period, Tina added, “We have actively engaged with prospective tenants, conducting meetings and property tours. Our strategic leasing approach focuses on attracting qualified service companies, resulting in the creation of a professional and synergistic tenant mix at 625 Fair Oaks.”
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 300 brokerage offices and over 5,100 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America,
Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
