Lincoln Property Co. Signs 92 KSF Lease at Pasadena Campus

100 W. Walnut St.

Dine Brands, a full-service dining company, has signed a 92,000-square-foot lease at 10 West, an office campus in Pasadena, Calif. LPC West, the West Coast team of Lincoln Property Co., secured the tenant.

Completed between 1974 and 1981, the former Parsons Campus comprises three five-story buildings, totaling almost 1 million square feet. The first phase of LCP’s West project, 10 West, replaced 394 residential units, an office building and parking spaces with Class A office renovations scalable from 40,000 square feet to 600,000 square feet, event space, 22,000 square feet of retail space and floor-to-ceiling windows.

The campus last traded more than a decade ago, in 2011, when Parsons Corp. sold the property to Lincoln Property Co. and Morgan Stanley for $320 million. 

Dine Brands plans to relocate its global headquarters from Glendale, Calif., to the fourth and fifth floors of the building, completed at the beginning of this year. The company is the first long-term tenant of the building, marking the first long-term lease for 10 West, which is the first office development in Pasadena in the past three decades.

Located at 100 W. Walnut St., the office property is next to Interstate 210 and Ventura and Foothill freeways. Old Pasadena center, as well as numerous dining and retail options, are within walking distance of the property.

Building a sizeable LA office portfolio

Just recently, LCP West and TriGate Capital purchased a 420,000-square-foot office campus in Orange, Calif. WCB Properties sold the property, which is leased to Western Dental and the Orange County Transportation Authority, among others, for $97.2 million.

In July last year, the company partnered with Angelo Gordon and acquired 465 North Halstead, a 240,904-square-foot office campus in Pasadena, Calif. The partnership secured a 148,000-square-foot long-term lease with Xencor Inc., a biopharmaceutical company.