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21680 Gateway Center Drive

Traveler’s Insurance Leases 41,646 SF Office Space At Gateway Corporate Center, Diamond Bar
LEASEDOffice

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

Steven Saunders

CBRE

Broker

$72.9M

vol

4 deals

Broker
Buchanan Street Partners
Buchanan Street PartnersBrokerage
Timothy Ballard

Timothy Ballard

Buchanan Street Partners

Landlord

$129.5M

vol

8 deals

Landlord

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