SPUSD PRESS RELEASE
Last week, the South Pasadena Unified School District (SPUSD) officially closed escrow for the building located at 1100 El Centro Street in South Pasadena, which will serve as its new headquarters. Leaders of SPUSD have worked toward this milestone as part of the District’s strategic plan for nearly 20 years.
“Securing this new space for our District employees is a thrilling way to begin 2021,” said School Board President Dr. Ruby Kalra. “Years of hard work have gone into our overall facilities planning and finding an office environment that so efficiently meets our needs for safety and location, while remaining within our fiscal means, is a huge accomplishment.”
For the past two years, the District has actively worked with commercial real estate broker, Sam Manoukian, to find a contemporary property that met the workspace challenges of the multiple departments housed within the current building. The Board explored various options including a potential property swap, and ultimately found a match with 1100 El Centro.
Initially, the purchase of the new property was contingent upon the sale of the current District Offices at 1020 El Centro. With several proposals to purchase 1020 El Centro recently falling through, it became clear that the District’s best strategy was to proceed with a loan to purchase 1100 El Centro.
“When presented with the opportunity to purchase a building that accommodates the current and future operational and technological needs in a responsible manner, the Board felt very strongly that we should proceed,” said Kalra.
SPUSD is borrowing $11 million to purchase the property. The District’s loan is structured over 20 years with a 2.48% interest rate and offers the option of early prepayment once the sale of the existing property is finalized.
The current tenants of 1100 El Centro will vacate the property at the end of March. At that time, the District will complete some minor modifications and improvements to the interior and exterior of the building. District offices will be completely moved and functional by July 1, 2021.
“The best place for our future home is 1100 El Centro,” said Superintendent Geoff Yantz. “The building offers a safe and modern workspace for our employees, ample parking, professional conference rooms and a space that with minor renovations will be a board room and professional training area for nearly 100 attendees.”
The historic building at 1020 El Centro is in escrow with Gangi Development Inc. Gangi Development has prior experience working in South Pasadena and is a three generation family-run business.