Breaking News: Alibaba is Coming to LA!
Bisnow sources tell us the Chinese e-commerce juggernaut is looking for as much as 20k SF in Old Town Pasadena, with the most likely address at IDS' $75M Playhouse Plaza, which is nearing completion. Our sources say pricing would likely be around $3.25/SF. CBRE is repping both sides and did not respond to requests for comment. This comes less than a month after we told you Alibaba was looking at Seattle for its US HQ. To our knowledge, it still is.
The five-story, 155k SF development at 680 E Colorado Blvd will include a number of shops and restaurants on the ground floor of the busy thoroughfare, which has views of the annual Rose Parade. The Moules & Polyzoides-designed project is just the latest development reshaping Old Town Pasadena. Rising Realty Partners' building at 87 Raymond has been on fire, attracting collaborative workspace firm Cross Campus to take 20k SF, which just opened in February.