Charles Dunn Co. negotiated a 10-year office lease renewal for mortgage giant Fannie Mae at a building in Pasadena, Calif., for a price of $24.7 million.
Under the terms of the new agreement signed with building owner Maguire Properties, Fannie Mae’s office space will increase from 49,000 square feet to 61,655 square feet.
A part of Plaza Las Fuentes, this eight-story building is located at 135 N. Las Robles Ave. and comprises 183,614 square feet. The property, which was 100 percent occupied at the time of the deal, is also home to East West Bank and Fed Ex Kinko’s.
According to John Anthony, senior managing director at Charles Dunn’s downtown Los Angeles office, Fannie Mae has had much success at the Pasadena location and needed the additional square footage to add new employees as well as accommodate the growing business. Plans have also been made to remodel the existing space.
Charles Dunn Co. is a full-service brokerage and property management firm operating in California and Arizona.