South Lake Avenue in Pasadena (Photo -ⒸColoradoBlvd.net).
Wedbush Securities, an investment and brokerage firm and a prominent figure in Downtown Los Angeles, is relocating its operation to Pasadena amidst a restructuring of its workforce.
By Nicolas Perez
Wedbush Securities exodus from its longtime residence in the Wilshire Boulevard building to Pasadena’s Lake Avenue district has begun, its relocation coming amidst changing trends in the firm’s workforce and a downturn in commercial real estate values in Los Angeles. Wedbush Securities is expected to formally relocate in the first half of 2025, with the company downsizing its square footage of its base of operations from 100,000 square feet to just 20,000 in an office complex in Pasadena’s burgeoning commercial district. The pandemic saw a paradigm shift in the way that the company conducted its operations. A majority of its workforce has transitioned to working from home, spending only a third of the time in-office. This move allowed the company to rethink its office layout as well, with shared workstations as well as an employee rooftop deck lounge, allowing their workforce to relax in a calm environment.
High interest rates in real estate sales, have severely thwarted the profitability of the market. Interest Rates are expected to drop in 2025, possibly allowing the market to rebound from the decline.
Measure ULA, is a property tax that enacts a 4 percent rate on transactions over 5 million dollars and 5.5 percent on those exceeding 10 million dollars. This tax has contributed to an overall drop of nearly 40 percent in sales of property in Southern California, nearly 2 billion dollars less than 2023’s total amount of sales.
Wedbush Securities’ relocation highlights the shifting of dynamics in commercial real estate and evolving workplace practices in the post-COVID business environment. The firm’s transition to a flexible, modern, office model signals its broader adaptation to the ever-changing business environment.
Great company. My first job out of college was at Wedbush. They survived the crash in the 80s unlike our then neighbors EF Hutton