Lee & Associates Leases 23,000 SF Office Space In Burbank
601 South Glenoaks Boulevard Burbank, California 91502, USA
Building Size
23,000 SF
Asset Type
Office
Closing
Jun 23, 2023
AI
The property at 601 South Glenoaks Boulevard in Burbank, with a total area of 23,000 square feet, has recently undergone multiple lease transactions. Managed by Jamison Property Services, the building's occupancy has significantly increased from 64% to 85%. Lee & Associates, represented by brokers Scott Romick, Darren Casamassima, and David Kaufman, played a crucial role in boosting the occupancy and have now listed the property for sale. This presents an investment opportunity for potential buyers, as there is potential for value-added returns through rental rate increases.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not mentioned
- Address: 601 South Glenoaks Boulevard, Burbank
- Market: Burbank
- Asset Type: Office
- Square Footage: 23,000
Lee & Associates, with brokers Scott Romick, Darren Casamassima, and David Kaufman, have successfully increased the occupancy of 601 S. Glenoaks Blvd, Burbank. Their efforts have resulted in a significant boost, taking the occupancy from 64% to 85%. With the property now listed for sale, interested buyers have the opportunity to capitalize on potential value-added returns through rental rate increases.
Players
Burbank 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