X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BREA, CA-Union Bank of California has signed two new lease renewals valued at an aggregate of approximately $20 million for more than 124,000 sf, according to NAI Capital. The new leases include a 10-year commitment for nearly 116,000 sf in this city and a five-year renewal for an 8,300-sf bank branch in Irvine.

The Brea deal is for 115,583 sf in an office building at 3151 E. Imperial Highway, while the Irvine lease is for an 8,348-sf bank branch at 2001 Michelson Dr.

Union Bank was represented in both deals by John Bosko and Robert Brandt of NAI Capital’s Newport Beach office and the late David Powell of NAI Capital’s Pasadena branch. The owner of the Brea building, Colyear Development Corp., was represented in-house by Jenni Suvari, while the Irvine Co. was represented in-house in the Irvine transaction.

Bosko tells GlobeSt.com that Union Bank has been in the 3151 E. Imperial Highway building as the sole tenant of the 115,583-sf office building since December 1998 in a 10-year lease. The bank renewed its lease early to lock in a favorable rate of $1.25 per sf per month triple net, at a flat rate for all 10 years.

The 3151 E. Imperial Highway building serves as a call center, training center for the bank. It also has 12,000 sf of space that is set up to serve as an emergency center for the bank in event of disaster, Bosko explains.

Union Bank has been in the 2001 Michelson Dr. building, which is in the Airport Area submarket, for approximately 20 years as the sole tenant in the building. Its previous lease was due to expire in December.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.