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Green Dot relocation is significant for the Tri-Cities market

December 19, 2011

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.

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Green Dot will consolidate multiple offices in Monrovia into its new headquarters on Foothill between Sierra Madre Villa Avenue and Rosemead Boulevard.

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