Travelers Insurance Leases 42K-SF Office Space in LA County
Travelers Insurance has signed a large office lease in Diamond Bar, Calif., in eastern Los Angeles County.
The 41,646-square-foot, 66-month lease is at Gateway Corporate Center, a Class A office complex at 21680 Gateway Drive. CBRE (CBRE) announced the lease Tuesday and represented the landlord, Newport Beach-based Buchanan Street Partners, while JLL (JLL) represented Travelers. The new lease brings the building to 100 percent occupancy.
“Since the beginning of the pandemic, the project executed eight new office leases and renewed and expanded two additional tenant’s spaces,” CBRE Vice President Steven Saunders said in a statement. “The fundamentals of the San Gabriel Valley and Inland Empire office markets continue to strengthen as the vacancy rate decreases to historic lows.”
CBRE did not immediately disclose the asking rent or value of the lease.
Gateway Corporate Center is just east of state routes 60 and 57, near the borders with Orange, San Bernardino and Riverside counties.
Despite an uptick in office leasing volume in Greater Los Angeles this quarter, vacancy still rose 50 basis points quarter-over-quarter and 280 basis points year-over-year, as tenants continued the trend of downsizing and adopting hybrid work schedules, according to a third-quarter market report from CBRE.
Nick Trombola can be reached at NTrombola@commercialobserver.com.