Michael Weiner of DAUM Commercial Real Estate Services, who is spearheading the leasing efforts for the property, describes the new tenants as a broad variety of local, regional and national firms. The largest of them is Employers Compensation Insurance, which signed a renewal for 50,400 sf and was represented by Shaun Stiles of Colliers International. The others signed leases ranging from 2,850 sf to 9,800 sf.
Annie Kodak, senior vice president and asset director with ING Clarion, credits the repositioning of 500 N. Brand as a major factor in the new leases. According to Kodak, the Lexington was the "busiest building on the boulevard" during the first quarter of 2007, tallying the highest volume of leasing activity in the Glendale submarket.
During the first quarter, the Lexington increased its occupancy rate from 73% to 80% and is negotiating prospective leases that could push occupancy to more than 90% in the second quarter, according to Kodak. In addition to officially changing the property's name to the Lexington in January, other elements of the repositioning include a remodeled lobby, a café with outdoor seating and a more prominent location for the building's signature bronze stallions.
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