Real estate service and investment firm CBRE on Wednesday announced that OffWorld Inc., a space robotics company, has signed a lease at a 35,640 square-foot property in Altadena formerly occupied by JPL.
OffWorld is expanding into the new office and research and development space at 540 W. Woodbury Road to accommodate the company’s growth.
“This latest transaction is reflective of the continued growth we are seeing in the Pasadena and Altadena areas by robotics, life science, technology & healthcare companies over the past year,” said Duffy. “This growth is helping to offset the limited expansion by professional services companies in the area.”
Tech, gaming and the creative sectors supported leasing activity in Los Angeles in the fourth quarter of 2021, according to CBRE research. Vacancy and overall sublease availability decreased in the face of strong demand in the last three months of the year, driven particularly by the creative and tech sectors as they took advantage of opportunities in the market.
CBRE’s Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez, alongside Colliers International’s Billy Walk, represented the landlord, Malik Bros LLC, in the transaction.