BURBANK, CA-Five leases totaling 63,000 square feet have filled two office buildings here and in Glendale to 100% occupancy in deals with an aggregate value of $10.2 million, according to the Charles Dunn Co. leasing team of Bill Boyd and Linda Lee, who represented the building owners in all five deals. The properties are the 115,000-square-foot 2411 W. Olive building in Burbank and the 140,000-square-foot Galleria Office Tower in Glendale.

At 2411 W. Olive in Burbank, a six-story building that is owned by Behringer Harvard, the Walt Disney Co. signed for 27,995 square feet and Partners Federal Credit Union signed for 4,900 square feet. At the Galleria Office Tower at 100 W. Broadway, a 12-story tower that is owned by General Growth Properties, LegalZoom signed a five-year lease for 5,000 square feet as an extension of its nearby headquarters. Travelers Insurance signed a five-year lease renewal totaling 19,000 square feet that included an expansion of 3,000 square feet, and law firm Baker, Olson, LeCroy & Danielian signed a seven-year renewal for 6,000 square feet.

Boyd and Lee noted that the properties are the only office buildings totaling more than 100,000 square feet in their respective markets to be fully occupied. Lee pointed out that the Glendale office market totals 6.3 million square feet and is 23.6% vacant, which translates into approximately 1.5 million square feet. “Given the high market vacancy rate, the competition to renew existing office tenants, as well as attract new tenants, is extremely fierce,” Lee said. The overall Tri-City market consists of a total of 19.5 million square feet of office space with a vacancy rate of 19.7%.

In the leases at 2411 W. Olive, both tenants were represented by Bill Puget, who was with CB Richard Ellis at the time the leases were negotiated and is now with Cushman & Wakefield. At the Galleria Office Tower, LegalZoom was represented by Mike McRoskey of Jones Lang La Salle in Los Angeles and Travelers Insurance was represented by Tom Maloney of JLL in Walnut Creek, CA. The law firm of Baker, Olson, LeCroy & Danielian was represented by Boyd and Lee.