Traveler’s Insurance Leases 41,646 SF Office Space At Gateway Corporate Center, Diamond Bar
21680 Gateway Center Drive
Building Size
41,646 SF
Asset Type
Office
Closing
Nov 22, 2023
AI
Traveler's Insurance has leased 41,646 sq. ft. at Gateway Corporate Center in Diamond Bar, bringing the building to full occupancy. This lease transaction was facilitated by CBRE's Philip Woodford and Steven Saunders, representing the landlord Buchanan Street Partners LP, and JLL's Kevin Mechelke, representing the tenant, Traveler's Insurance. The lease term is for 66 months.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Square Footage: 41,646
- Address: 21680 Gateway Center Drive
- Market: Diamond Bar
This successful lease deal reflects a strengthening office market in the San Gabriel Valley and Inland Empire. Buchanan Street Partners LP's upgrades during COVID-19 contributed to the full occupancy of Gateway Corporate Center, with a total of eight new leases signed.
Players
Diamond Bar Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93