Transportation Insurance Brokers Changes Floors in Glendale Office Building
- Jan 25, 2016
By Alex Girda, Associate Editor
Glendale, Calif. – The Los Angeles office market continues to impress as the metro attracts major tech companies, luring them from the Bay Area. As a result, smaller deals are being boosted by heightened demand across the metro. Charles Dunn Company recently brokered a leasing renewal worth about $5.2 million at a Glendale office property.
Landlord 425 West Broadway LLC was represented by Bill Boyd, Linda Lee, and Scott Unger from Charles Dunn Company’s Glendale office, while the tenant, Transportation Insurance Brokers, worked with NGKF’s David Kluth. Inked for a further 132 months, the deal also includes the relocation of TIB from the building’s fourth floor to the third.
The building at 425 West Broadway offers a total of 72,610 square feet of space. Built in 1984, the asset offers convenient proximity to shopping and dining at the Glendale Galleria, as well as the downtown Glendale area.
Glendale office vacancy has dropped considerably in 2015, as affordable rates have boosted awareness in the market. According to a press statement announcing the lease, Glendale has the lowest rental rate in the Tri-City office market, helping it attract tenants from Pasadena and Burbank.