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611 N Brand BLVD, Glendale,...

PSI Services Leases 23589 Square Feet At 611 N Brand Blvd Glendale From LNR Partners
LEASEDOffice

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

Jacob Bobek

CBRE

Broker

4 deals

Broker
LP
LNR PartnersLandlord

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