More Improvements Planned for Pasarroyo to Attract New Tenants

Coretrust Capital Partners, which operates the Pasarroyo office campus located at the heart of South Lake Avenue in Pasadena, is planning further renovations at the property to attract more tenants, a representative said at the hearing of the Economic Development and Technology Committee on Tuesday, July 19.

Comprising 650,000 square feet and encompassing an entire six-acre city block, the Pasarroyo consists of four buildings surrounding a 60,000-square-foot plaza.

“We have an option that is going to be very exciting. It’s going to bring a lot of energy to the Plaza,” said Coretrust representative Spike Whitney. “It would be breakfast, it would be lunch, it would be dinner. There would be a bar element, there would be a cafe element in the back — it really would offer everything that we’ve wanted to complement the plaza.”

“It would be very exciting for Lake Avenue and this district in particular. We’re working on that,” he added.

Whitney declined to give further details related to the upcoming improvements, saying they are confidential.

According to Whitney, a number of tenants vacated Pasarroyo during the pandemic.

As of July 2022, the daily building population averages approximately 40 to 45 % of the estimated pre-pandemic building population.

The Passaroyo campus has undergone a bevy of improvements and renovations, according to Whitney.

These include the installation of a touchless elevator control system, a Heating, Ventilation, and Air Conditioning (HVAC) purification system as well as touchless fixtures in restrooms and touchless doors.

The plaza, the conference spaces, the event centers and the lobbies all were renovated.

“The plaza which is the diamond in the middle of it all was a $16 million renovation. It’s a major overhaul,” said Whitney.

Whitney said the majority of the improvements within the buildings were made to address concerns regarding people returning to the workplace amid the pandemic, while improvements at the plaza were intended to attract new tenants.

“While we were doing a number of things, renovations and initiatives that contributed to health and wellness, they were of course in response to a pandemic in particular.”

“The onset of the pandemic really accelerated this trend and put a lot of emphasis on health and wellness.”

Coretrust acquired Pasarroyo in May 2018. The buildings at the property were constructed between 1964 and 1982. Pasarroyo’s current tenants include LA Fitness, Urban Plates, and Dunkin’ — formerly known as Dunkin’ Donuts.