Deluxe, which was represented by Roy Longman of Cresa Partners, extended its lease of two full floors for an additional six years. Deluxe was one of the original tenants in the four-story, 130,000-square-foot office building, which was built in 2005 and remains 100% leased, with State Compensation Insurance Fund as its other tenant.
Stockwell tells GlobeSt.com that Deluxe's original lease was expiring at the end of this year. In addition to the 65,000 square feet on the top two floors that was renewed, Deluxe has an additional 13,000 square feet on the ground floor that runs for a few more years. The 2400 Empire Ave. building that Deluxe occupies is part of a two-building project called Burbank Empire Center. The other Empire Center building, at 2350 Empire Ave., is three stories and 100,000 square feet and is 100% leased to Allianz Insurance.
Terms of the Deluxe lease were not disclosed. The average asking rent in Burbank for existing buildings is about $3.02 per square foot per month, not counting two large brand-new buildings, according to CBRE Marketview for the second quarter of this year.
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