LPC West is planting another flag in the San Gabriel Valley.
The company, a subsidiary of Lincoln Property Company, recently announced a partnership with Angelo Gordon to acquire a nearly 241,000-square-foot office campus at 465 North Halstead Street in East Pasadena - a half-mile of the L Line's Sierra Madre Villa Station.
The sale comes as Xencor, a biopharmaceutical company based in Monrovia, has signed a lease to relocate its headquartersinto a 148,000-square-foot office and laboratory space at the Halstead property.
“Xencor has called Southern California home for more than two decades, and we are excited to return to Pasadena, where our company was first founded," said Dr. Bassil Dahiyat, the company's president and chief executive officer in a prepared statement. "Our new, modern and fully customized workspace will provide our scientists with ample room, as well as future optionality, to advance our innovative protein technologies and to engineer potential new therapies for patients."
LPC West, in addition to its purchase of 465 North Halsted, is currently in the midst of construction on a housing, office, and retail complex at 100 West Walnut Street near Old Pasadena.
The agency, which also has offices in New York, San Francisco, London, Shanghai, and Buenos Aires, will occupy approximately 3,500 square feet of space in its new Downtown location, joining other tenants such as Zappos and Adidas.
Things to read from the past week:
Quentin Tarantino Buys L.A.’s Vista Theatre "Tarantino bought the Landmark New Beverly in 2007. That venue, which shows 35mm and 16mm films, reopened last month." (Deadline)
‘Black in Mayberry.’ How a film exposed racial tensions in one of L.A. County’s whitest cities "Los Angeles County’s South Bay, which includes El Segundo, was a hotbed for the Ku Klux Klan a century ago. In 1922, an estimated 12,000 people — including an El Segundo contingent — attended a Klan rally in Whittier Hills. In 1923, the El Segundo Herald recounted how members of the Methodist church got 'a real thrill' one Sunday when 10 white-robed Klan members 'walked solemnly down the aisle, asked for prayer and left $120' to pay the church’s debts." (LA Times)
How El Segundo fought a Black beach resort a century ago "Nearly a century ago, Los Angeles leaders offered beachfront property to a prominent Black entrepreneur, Titus Alexander, to build a retreat for the city’s fast-growing African American population....El Segundo residents were outraged. City leaders enlisted Hermosa Beach, Redondo Beach and L.A. businessmen to wage a bitter 18-month campaign that included petition drives, a lawsuit and racist smears. In 1924, a judge issued a restraining order, temporarily blocking the lease and demanding the L.A. mayor and council members testify why the project should go forward." (LA Times)
LA Tenants Are Falling Through The Cracks Of California's Eviction Ban "California’s eviction ban had been set to end today, but Newsom and lawmakers agreed at the last minute to extend the protections through Sept. 30, in part to give more time to distribute $5.2 billion in federal rent relief to tenants and landlords alike." (LAist)
Remembering Line 175: The Bus Line that Shaped My Youth "Having been born and raised within the 27-year period where Los Angeles was devoid of rail transit (i.e. The Dark Ages), The Bus was all we had. And in The Dark Ages, the car was truly king, much more so than it is today, when transit has far less stigma. Before it became Metro, the Southern California Rapid Transit District, a.k.a. the RTD, was our transit system. It wasn’t rapid; it was 'Rough, Tough and Dirty' – but it was all we had." (Streetsblog LA)
After decades of fighting and freeways, Orange County is finally getting a streetcar "The OC Streetcar system, a $423-million project slated for completion in 2023, will comprise only six light-rail vehicles and will cover a bit more than four miles, linking the Santa Ana Regional Transportation Center to strip-mall-lined streets near Little Saigon." (LA Times)
Biden picks Los Angeles Mayor Eric Garcetti for ambassador to India "President Joe Biden is set to announce he's selecting Los Angeles Mayor Eric Garcetti as his ambassador to India, pending Senate confirmation, according to a White House official. Garcetti's selection, which has long been anticipated, is one of four picks in the latest round of ambassadors coming from the President." (CNN)
Demand Surges for Local Data Centers “With the pandemic, everyone was staying at home and needing more technology and needed it faster and more reliable. That’s what’s changed and shifted the demand in Los Angeles." (LA Business Journal)
The beach is there for all of us — we just have to get there "The coast exists for all of us, and our right to beach access enjoys greater protections here than in almost any other state. But first, you have to get there." (LA Times)