Los Angeles – CBRE announced California Insurance Guarantee Association (CIGA) signed a new lease for 29,092 square feet in Glendale, Calif.
CBRE’s Paul Stockwell, David Kim and Sonya Schmidt represented the tenant. A JLL brokerage team represented the landlord.
CIGA signed a 10-year, 10-month lease at 330 N. Brand Boulevard. The company will move from 101 N. Brand Boulevard in September 2020. The 12-story property sits near the Glendale Galleria as well as the 134, 2 and 5 freeways. Built in 1982, it features a three-story atrium, private outdoor decks and excellent parking. Other tenants include Dignity Health, Liberty Mutual and Allstate.
“330 N. Brand offers large floorplates, stable ownership and great conference facilities at a competitive price,” said Stockwell. “CIGA, which has been in Glendale for 20 years, quickly recognized this great opportunity at this excellent and strategically located building.”
West Los Angeles, Hollywood, and the Tri-Cities have experienced strong office market fundamentals with expansions particularly by tech, media, and entertainment tenants, according to CBRE’s third-quarter research report. The Greater Los Angeles market’s positive net absorption marked gains in 30 of the past 35 quarters for an aggregate of 15.6 million square feet and Greater LA rents’ long-term upswing is 45 percent above the low point eight years ago.
“The Tri-Cities have been performing well despite departures by such behemoths as Warner Music, Nestle and Parsons,” said Schmidt. “Net absorption in the area has been positive and asking-lease rates have been climbing in lockstep. Glendale in particular has done a fantastic job in developing into a thriving live-work-play market with an abundance of housing already available or soon to come online, as well as great amenities. That in turn has attracted and retained top-notch employers, such as CIGA.”
Added CIGA Executive Director Brad Roeber, "CBRE's experience, expertise and diligence created a win-win transaction.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
