{"id":34669,"date":"2019-02-28T15:29:05","date_gmt":"2019-02-28T13:29:05","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=34669"},"modified":"2019-02-28T15:29:05","modified_gmt":"2019-02-28T13:29:05","slug":"gms-driverless-car-unit-to-take-47k-sf-in-pasadena","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/02\/28\/gms-driverless-car-unit-to-take-47k-sf-in-pasadena\/","title":{"rendered":"GM\u2019s Driverless Car Unit to Take 47K SF in Pasadena"},"content":{"rendered":"

GM Cruise has inked a seven-year lease for 47,051 square feet at 465 N. Halstead Street, a recently upgraded two-story office building in Pasadena<\/a>. General Motors\u2019 driverless car unit will pay $11.4 million for the space. CBRE represented the landlord, EverWest Real Estate Investors, in the deal.<\/p>\n

In 2016, EverWest purchased the 239,000-square-foot property known as the Pasadena Business Center<\/a> for $66.5 million from DivcoWest. Since then, the building has undergone serious renovations and now features creative office and collaborative space. The tenant list at the property includes PNC Bank, 24-Hour Fitness and Giant Magellan Telescope Organization.<\/p>\n

CBRE\u2019s Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez represented EverWest in the deal. Lisa St. John of LA Realty Partners acted on behalf of the tenant.<\/p>\n

\u201cThis lease signing is a major win for the City of Pasadena,\u201d said<\/a> Duffy. \u201cCapturing yet another significant engineering\/technology tenant provides further evidence that Pasadena is an extremely desirable and ever-growing tech hub in Southern California with access to intellectual capital.\u201d<\/p>\n

GM bought Cruise Automation, a San-Francisco based autonomous vehicle tech startup, for over $1 billion in 2016. In May last year, SoftBank invested $2.25 billion in the firm through its Vision Fund. In October, Honda has also announced it will devote $2 billion to the effort over the next 12 years.<\/p>\n

The driverless vehicle industry is on the rise. Google\u2019s Waymo has recently introduced a small fleet of autonomous ride-hailing vehicles in Arizona and Ford is expecting its autonomous cars to hit the market by 2021. This could have significant impact on the real estate industry<\/a>, as properties that command high value due to their proximity to transit hubs could suddenly lose their edge.<\/p>\n","protected":false},"excerpt":{"rendered":"

GM Cruise has inked a seven-year lease for 47,051 square feet at 465 N. Halstead Street, a recently upgraded two-story office building in Pasadena. General Motors\u2019 driverless car unit will pay $11.4 million for the space. CBRE represented the landlord, EverWest Real Estate Investors, in the deal. In 2016, EverWest purchased the 239,000-square-foot property known…<\/p>\n","protected":false},"author":61,"featured_media":34673,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[738,386],"tags":[],"class_list":["post-34669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-california-real-estate","category-la-real-estate"],"yoast_head":"\nGM\u2019s Driverless Car Unit to Take 47K SF in Pasadena - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"GM Cruise has inked a seven-year lease for 47,051 square feet at 465 N. 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