Green Dot, a provider of prepaid financial services, has agreed to move from Monrovia to east Pasadena in a deal brokers say is the biggest office lease of the year in the Tri-Cities market.
Green Dot leased all 141,540 square feet at 3465 Foothill Blvd. from landlord Wells REIT II, a private real estate investment trust, brokerage CBRE Group Inc. said.
The value of the 10-year lease was not disclosed, but real estate experts familiar with prices in the Pasadena-Glendale-Burbank market valued it at about $45 million.
“This single lease transaction will lower the vacancy rate in Pasadena by a full percentage point, so it’s very significant for the Tri-Cities market,” said Todd Doney of CBRE, who represented the tenant.
Green Dot will consolidate multiple offices in Monrovia into its new headquarters on Foothill between Sierra Madre Villa Avenue and Rosemead Boulevard.