A property that is currently occupied by Parsons Services Company, has recently been placed up for sale in Old Pasadena, offering potential buyers a number of uses, including the option to redevelop the site.
According to a listing for the property from Newmark, the more than nine-acre site is currently home to a 403,468 square foot office building. The building is located at 100 W Walnut. Property records show that the site last traded in 2019, when it was acquired by Parsons W Walnut Owner LP, an entity that is affiliated with AMLI Residential, an owner and manager of over 25,000 apartment homes throughout the United States. At that time, the property sold for $15.24 million.
The property was originally developed for Parsons in 1974 and currently leased in its entirety to the company until June 2026, according to Newmark. Despite its current occupancy, the space remains largely underutilized, offering potential buyers the advantage of two years of income to offset any forthcoming space planning expenses. The multi-pod development features a 12-story tower, presenting signage opportunity, along with three four-story pod-style structures.
The marketing materials also note that the property is fully entitled for the development of an additional 402,500 square feet of office space, including 22,500 square feet designated for retail, the site’s unique zoning opens doors for alternative utilization, subject to municipal approvals.
“Upon Parsons lease expiration in June 2026 the Parsons development campus can be reimagined for a user to occupy the existing improvements as a campus destination or an investor to implement a development plan that caters to myriad of potential uses,” the marketing brochure states.
Industry reports show that developers LPC West and AMLI Residential were developing a large apartment project surrounding the headquarters, also called 100 Walnut. The development includes a series of five-story buildings with 400 apartments, 210,000 square feet of office space and 17,500 square feet of ground-floor retail space.
