Updated Oct 29, 2024
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
About this deal
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
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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