The Department of Justice signed for 10,508 sf, Arden leasing manager Kevin Fenenbock tells GlobeSt.com. The $2.2 million lease is part expansion for the DOJ, part consolidation of some Glendale offices.The 10-story Glenoaks Boulevard building will now be home to the DOJ's local investigative and prosecutorial staff.
The entertainment industry took downtown Burbank by storm a few years ago, expanding there after it had filled the Media District during an era when movie and television studios, and related firms, seemed to have an insatiable appetite for Burbank space.
But the industry's consolidation in recent years, along with the economic slump that has prompted other industries to consolidate offices, has left some empty spaces in the once full downtown buildings. The 303 N. Glenoaks building is about 40% vacant, but Fenenbock tells GlobeSt.com that Arden is negotiating with several prospective tenants and expects to sign a full-floor tenant there soon.
"The majority of our activity today is from general office users as opposed to entertainment industry firms," Fenenbock says. "Activity has picked up quite a bit in the past few months."
The 175,289-sf Glenoaks Boulevard building is one of three in the vicinity that are owned by Arden, which renovated the property in 1996. Kevin Duffy of CB Richard Ellis represented the tenant in the transaction, while Fenenbock and CB's Doug Marlow represented Arden.
Los Angeles-based Arden, a real estate investment trust, is the largest office landlord in Southern California with approximately 18.8 million sf in 135 properties.
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