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655 North Central Avenue Gl...

Updated Dec 11, 2024

Hearst Media Production Group Leases 20,011-SF Office Space In Glendale, CA With DivcoWest
LEASEDOffice

Hearst Media Production Group Leases 20,011-SF Office Space In Glendale, CA With DivcoWest

655 North Central Avenue Glendale, California 91203, USA

Building Size

20,011 SF

Asset Type

Office

Closing

Aug 14, 2023

About this deal

AI

Hearst Media Production Group (HMPG) has signed a 10-year lease for a 20,011-square-foot office space in a Class A building located at 655 North Central Avenue in Glendale, CA. The move from Burbank to this new location is scheduled for early 2024. DivcoWest will be the landlord for the leased property.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 655 North Central Avenue, Glendale, CA
  • Market: Glendale, CA
  • Square Footage: 20,011 SF
  • Tenant: Hearst Media Production Group - Frank Biancuzzo
  • Landlord: DivcoWest

This lease agreement allows Hearst Media Production Group to expand its West Coast presence. The new office space will be occupied by Frank Biancuzzo, who serves as the representative for Hearst Media Production Group (HMPG) in this deal. The lease term is set for 10 years.

Players

DivcoWest
DivcoWestLender
DivcoWest
DivcoWestLandlord

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

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