PSI Services Leases 23589 Square Feet At 611 N Brand Blvd Glendale From LNR Partners
611 N Brand BLVD, Glendale, CA, 91203
Building Size
23,589 SF
Asset Type
Office
Closing
Feb 21, 2017
AI
The transaction involves leasing the entire 10th floor of Glendale Center, a 14-story, 399,000 square-foot Class-A office tower located at 611 N Brand Blvd, Glendale, CA, 91203. The property was constructed 45 years ago and recently underwent upgrades to its common areas.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: PSI Services
- Tenant's Representative: Jacob Bobek, CBRE
- Landlord: LNR Partners
- Square Feet: 23,589
- Lease Term: 11 years
Jacob Bobek, an Avison Young principal from the downtown L.A. office, represented the tenant, PSI Services, which offers pre-employment testing, licensure, and certification testing solutions. The relocation from Burbank to Glendale was influenced by the desire for a more central location, accessibility to amenities, and proximity to the 134 freeway.
Players
Glendale 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