Gateway Company Middle’s tenant roster consists of a number of Fortune 500 corporations. Picture courtesy of CBRE
Vacationers Insurance coverage has signed a 66-month, 41,646-square-foot lease with Buchanan Avenue Companions at Gateway Company Middle, an 81,221-square-foot workplace constructing in Diamond Bar, Calif. JLL assisted the tenant, whereas CBRE negotiated on behalf of the owner.
Vacationers will occupy greater than half of the workplace area at 21680 Gateway Drive, bringing the constructing’s occupancy to one hundred pc. The insurance coverage firm is at present at 21688 Gateway Drive, the neighboring property that was as soon as the second, twin part of the previous Gateway campus.
A San Gabriel Valley workplace campus
Buchanan Avenue had bought Gateway Company Middle in 2016 from Cornerstone Holdings for $44 million, in accordance with CommercialEdge information; again then, the property was a two-building, 162,339-square-foot workplace campus. Afterward, the agency cut up the campus in two and offered one of many buildings to an owner-user.
Accomplished in 2000 and renovated in 2020, Gateway Company Middle is now a three-story constructing related to its twin by means of a landscaped courtyard. Its tenant roster consists of World Imports, Cushman & Wakefield, Impro, Sampe and NuBridge Industrial Lending, amongst others.
Gateway Company Middle is a part of a 155-acre master-planned enterprise park throughout the East San Gabriel Valley submarket. The property is close to the intersection of Orange and Pomona freeways, which offer direct entry to downtown Los Angeles.
CBRE Senior Vice President Philip Woodford and Vice President Steven Saunders brokered the transaction on behalf of the owner, whereas JLL Government Managing Director Kevin Mechelke labored on behalf of the brand new tenant.
The Los Angeles workplace market noticed leasing exercise enchancment in October, in accordance with a latest CommercialEdge report. The metro’s emptiness charge clocked in at 16 %, down 50 foundation factors over the month and 1.8 % beneath the nationwide common. Nevertheless, the worth was nonetheless up 130 foundation factors on a year-over-year foundation.
