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WESTLAKE VILLAGE, CA-Pinkerton Inc. and Burns International Security Services Corp. have renewed their combined lease for 72,610 sf of office space at CarrAmerica Realty Corp.’s Westlake Spectrum.

Andy Fishburn, CarrAmerica senior vice president for leasing and marketing in Southern California, tells GlobeSt.com that the deal is a restructuring of the security firms’ lease. Fishburn explains Pinkerton-Burns had been on a lease that granted the tenant the option to either cancel or renew after five years. That five-year mark was due to arrive this September.

In the restructuring, Pinkerton-Burns is renewing for five years in a deal valued in the neighborhood of $10 million. The new lease has something for both parties. It lowers the monthly rental rate for Pinkerton-Burns and ensures a good credit tenant for CarrAmerica at a time when good credit office tenants–or any office tenants–are hard to find.

The 105,000-sf Westlake Spectrum is approximately 75% leased now, with Pinkerton-Burns taking up about 70% of the leased space. The Spectrum is composed of dual two-story buildings designed with an outdoor water feature and on-site extras such as a fitness center. It’s situated near the 101 Freeway and close to hotels, retail shops and restaurants at the nearby Westlake Promenade shopping center.

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