By Kelsi Maree Borland | GlobeSt.com
PASADENA, CA-Rising Realty Partners has teamed with Silicon Valley tech expert David Sacks to acquire the Old Pasadena Plaza, a three-building, 60,771-square-foot retail center and office space. The partnership plans to renovate the property into creative office that, according to Sacks, will become Pasadena’s “tech hub.”
The idea makes sense considering Pasadenas tech ties. In addition to the California Institute of Technology and the Jet Propulsion Laboratory, Pasadena is home to 300 technology companies. “I see this as a significant opportunity to build on the clustering of tech companies that is underway in Pasadena by offering Silicon Valley-style creative space and amenities,” says Sacks, who has created two billion-dollar companies before selling them off to the likes ofMicrosoft and e-Bay.
Rising Realty and Sacks plan to create fiber-to-the suit needs by installing a site-wide fiber backbone and fault-tolerant network redundancy. The property will have multiple ISP’s for carrier diversity and an on-premises rack system, and outdoor areas will be equipped with the fastest wifi speeds open to tenants and visitors. For the building interior, developers will create open floor plans by tearing down interior walls.
“We will restore the architectural beauty of the Pasadena project and reinvigorate it to appeal to Generation X and Millennial tech entrepreneurs,” says Christopher Rising, president and COO of Rising Realty Partners. “They are looking for a much different environment than the traditional office configurations developed decades ago. Today, it’s all about large open office spaces that foster collaboration and connectivity.”
Generally, Pasadena leads office activity in the tri-cities market. Recently, GlobeSt.com reported that DivcoWest purchased the 238,842-square-foot Pasadena Business Center. The submarket has had declining vacancy rates for the fourth straight quarter and rents exceed $3.00 per square foot.