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12-Year, $25M Lease Bolsters Pasadena Market

PASADENA, CA-The management services firm Tetra Tech has signed a 12-year lease to occupy two of the three floors at the soon to be completed second phase of Pasadena Corporate Park. The lease was signed with Kearny Real Estate Co.

By Peter Landau | Updated on April 25, 2002

PASADENA, CA-Tetra Tech has signed a 12-year lease to occupy two of the three floors at the soon to be completed second phase of Pasadena Corporate Park. The lease was signed with Kearny Real Estate Co. The transaction value is in excess of $25 million.

The two floors that Tetra Tech will occupy Nov. 1 represent 68,484 sf of the three-story, 115,000-sf office building. The second phase also includes a newly constructed 435-stall parking structure on the campus’ northeast corner. The $65-million building offers enhanced training and conference facilities. The new corporate headquarters will support Tetra Tech’s growth while keeping the company firmly rooted in Pasadena.

The deal is significant for Pasadena considering that the first quarter 2002 marked the sixth consecutive quarter during which overall office vacancy rates escalated n the Tri-Cities, more than doubling during that time from 6% to 12.7%. Pasadena’s office vacancy rate rose from 14.2% to 15.6% as 173,227 sf of negative absorption bruised the submarket, according to a recent report by Cushman & Wakefield.

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