LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed five leases totaling 63,000 square feet of space within two major office buildings in the Tri-City office market. The five leases have an aggregate lease value of approximately $10.2 million.The Charles Dunn Company leasing team of Bill Boyd and Linda Lee completed two leases totaling 33,000 square feet at 2411 West Olive in Burbank, Calif.
The six-story building totals 115,000 square feet and is now fully occupied. The team also completed three leases at Galleria Office Tower (top left photo) in Glendale, Calif., bringing the 140,000 square foot class A asset to 100 percent occupied.
Adding to the significance of this accomplishment, the properties are the only office buildings totaling more than 100,000 square feet in their markets to be fully occupied.
The Galleria Office Tower is the most successful office tower in the Glendale market which includes 25 buildings in excess of 100,000 square feet. The leases for this property include:
· A new, five-year lease with LegalZoom totaling 5,000 square feet. The company will use its new ground floor space as an extension of its nearby headquarters.
· A five-year lease renewal and expansion with Travelers Insurance totaling 19,000 square feet. Travelers expanded its space within the building by an additional 3,000 square feet.
· A seven-year lease renewal with law firm, Baker, Olson, LeCroy & Danielian, totaling 6,000 square feet.
The Glendale office market, which totals 6.3 million square feet, currently has a 23.6 percent vacancy rate. That translates into approximately 1.5 million square feet of vacant space.
“Given the high market vacancy rate, the competition to renew existing office tenants, as well as attract new tenants, is extremely fierce,” said Lee. “The Galleria Office Tower is a well located, high-profile building that has a longstanding reputation for being well managed. The building ownership appreciates the necessity for being sensitive to market terms and competition which makes the leasing effort even more successful.”
Located at 100 West Broadway in the City of Glendale, Galleria Office Tower was built in 1983 and was part of the second phase of the Glendale Galleria mall’s expansion.
The Boyd and Lee team of the Charles Dunn Company has been responsible for in excess of five million square feet of office leasing in the Tri-City area.
Contact: Darcie Giacchetto, D.G. Communications, Inc.,949.278.6224
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