LOS ANGELES, CA – April 11, 2011 – (RealEstateRama) — 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 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 office tower, which is contiguous with Glendale Galleria, offers tenants autonomy from the mall as it provides them with separate elevators and private ground floor parking with direct access to offices. Tenants simultaneously enjoy the convenience of and easy access to the mall’s retail amenities which include 150 restaurants and stores. The Galleria Office Tower is one-half block from Brand and Broadway – the heart of the city – and offers nearby access to the 5, 134 and 2 freeways. Adding to the mall’s dining options, there are another 50 restaurants within a two-block radius.
The Glendale submarket is part of the larger Tri-City market that is inclusive of Glendale, Burbank and Pasadena. This market consists of a total of 19.5 million square feet of office space with a current vacancy rate of 19.7 percent.
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.
About Charles Dunn Company
Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com