COMMERCIAL SCENE : Southern Pacific Moving Its L.A. Headquarters to Monterey Park
A major move is in progress as Southern Pacific Transportation Co. relocates to new headquarters in the Los Angeles Corporate Center in Monterey Park.
The firm moves 6 miles east, after 80 years in the Pacific Electric Building at 610 S. Main St., constructed in 1905 as Los Angeles’ largest office building at 10 stories high.
The company signed a 10-year, $18-million lease for an 83,000-square-foot building in the 100-acre Corporate Center with Ellis Sloan Burnett Properties and Metropolitan Life Insurance, joint-venture partners in the development of the center.
The move, Southern Pacific President Mike Mohan said, “is consistent with the streamlining of operations of the company, which involves redeployment of SP resources to carry out its business plan for the 1990s and beyond.”
About 350 Southern Pacific employees will settle into new offices this month and in early October, in a consolidation of some Southern California rail, real estate and administrative functions of the company.
Negotiations for the Los Angeles Corporate Center lease, were handled by the Faulkner Co. of Los Angeles for Southern Pacific and by leasing representatives for Corporate Center for Ellis Sloan Burnett and Metropolitan Life.
