City’s Economic Development Officer Says Business Outreach Activities Fell in December

The Economic Development Division on Tuesday, January 31, gave updates as to the recent economic activities that have been occurring in Pasadena.

At the meeting, Economic Development Director David Klug presented the city’s business outreach numbers.

Klug said the department recorded a total of 139 business outreach activities, including broker outreach, business assistance and business visits, for the month of December. This is lower compared to the activities recorded in November which is at 176. 

“That is down a little bit from our business outreach numbers because of the holiday,” said Klug. “It is difficult catching folks in the month of December.” 

At the meeting, Klug also reported the commercial spaces recently sold in Pasadena in the last quarter and the businesses that relocated and opened up new locations in Pasadena recently.

He said the property at 2165 E. Colorado Blvd and 2191-93 E. Colorado Blvd., currently an auto repair commercial site, has been sold and the buyer plans to develop the property into a brand new, state of the art EV automotive dealership.

Klug said the office building at 110 E. Holly Street, built in 1904 was sold for $6 million. “The use I’m hearing is creative office – for that space.” 

The cosmetic/dentistry office at 536 S. Fair Oaks Avenue has also been sold for $3.8 million, according to Klug. 

The Tea Rose Garden property at 70 S. Raymond Avenue was sold for $4.3 million while the Westin Pasadena at 191 N. Los Robles was sold for $3.8 billion. 

Klug also reported that Chinese automaker Build Your Dream (BYD) recently took over a sublease at 888 E. Walnut.

He said it is anticipated that BYD would bring about 140 employees to Pasadena.

Klug also reported that private nonprofit organization Better Business Bureau (BBB) has a new Pasadena office located at 696 E. Colorado. 

The site will serve the counties of Los Angeles, Santa Clara, San Benito, Santa Cruz and Monterey.

According to Klug’s report, global fixed-income management company Western Asset Management Company, recently renewed its lease at 385 E. Colorado Blvd.

To date, Western Asset has nine offices and 757 employees worldwide. It currently has $484.5 billion in assets under management as of December 31, 2020. 

“As a significant employer, Pasadena is excited to have Western Asset here through 2035,” Klug said.