A 91,770 square foot office building in downtown Pasadena has recently been put on the market for the first time since it was built in 1986, according to an offering memorandum obtained by The Registry. Currently, the building serves as headquarters for Wescom Central Credit Union, which also owns the property.
Located at 123 S. Marengo Avenue on 1.63 acres, the building reaches five floors and offers 312 parking spaces. The property is being listed by CBRE, which declined to share guidance pricing.
“The property acts as Wescom’s headquarters with approximately 225 daily employees, and includes an on-site bank branch along with the company’s main data center. The property has been maintained to Class A standards and has seen continual investment with over $5 million invested into improvements and infrastructure since 2016,” the offering memorandum states.
According to the offering memorandum, the property will be sold with a new 15-year market rate leaseback by Wescom Central Credit Union. Currently, base rent at the property is at $2.50 per square foot, with three five-year renewal options.
Wescom Central Credit Union is the 59th largest credit union in the nation, with more than 5,200 credit unions across the U.S. In Southern California, the company manages 200,000 members, 800 employees and 24 branches.
Its headquarters are located in the heart of Pasadena, across from the Pasadena Convention Center and just two blocks from shopping at Old Town Colorado and The Paseo Mall. It is also in close proximity to transportation, including the Del Mar Metro Gold Line Station as well as the 210, 134 and 110 Freeways.
The property is also near various research institutions, tech and biomedical companies, with some including JPL, Caltech, Art Center, Carnegie Institution for Science. With Kaiser Permanente, Doheny Eye Institute Idealab, iRobot, Xencor, Bluebeam and Arrowhead Pharma also nearby, the area is home to a “highly educated workforce,” with 50 percent of residents having received a college education, the offering memorandum shows.
Additionally, the area is home to new development. According to the offering memorandum, Pasadena has seen 1,277 new residential units added since 2015. Currently, 714 units are under construction and more than 1,000 units are being planned. Near the property, new developments include 10 West, a one million square foot development in downtown Pasadena and 101 Marengo, a 320,000 square foot office building, which is Wescom’s direct neighbor.
With the new developments, Pasadena continues to grow, adding more than 5,000 residents in the past ten years. According to the offering memorandum, the growing demographics and continued development in the area helps bolster the economy and creates an employable pool of residents for potential office investors.
