BURBANK, CA-Five leases totaling 63,000 square feet have filledtwo office buildings here and in Glendale to 100% occupancy indeals with an aggregate value of $10.2 million, according to theCharles Dunn Co. leasing team of Bill Boyd and Linda Lee, whorepresented the building owners in all five deals. The propertiesare the 115,000-square-foot 2411 W. Olive building in Burbank andthe 140,000-square-foot Galleria Office Tower in Glendale.

At 2411 W. Olive in Burbank, a six-story building that is ownedby Behringer Harvard, the Walt Disney Co. signed for 27,995 squarefeet and Partners Federal Credit Union signed for 4,900 squarefeet. At the Galleria Office Tower at 100 W. Broadway, a 12-storytower that is owned by General Growth Properties, LegalZoom signeda five-year lease for 5,000 square feet as an extension of itsnearby headquarters. Travelers Insurance signed a five-year leaserenewal totaling 19,000 square feet that included an expansion of3,000 square feet, and law firm Baker, Olson, LeCroy &Danielian signed a seven-year renewal for 6,000 square feet.

Boyd and Lee noted that the properties are the only officebuildings totaling more than 100,000 square feet in theirrespective markets to be fully occupied. Lee pointed out that theGlendale office market totals 6.3 million square feet and is 23.6%vacant, which translates into approximately 1.5 million squarefeet. “Given the high market vacancy rate, the competition to renewexisting office tenants, as well as attract new tenants, isextremely fierce,” Lee said. The overall Tri-City market consistsof a total of 19.5 million square feet of office space with avacancy rate of 19.7%.