Travelers Insurance has signed a large office lease in Diamond Bar, Calif., in eastern Los Angeles County. The 41,646-square-foot, 66-month lease is at Gateway Corporate Center — a Class A office complex located at 21680 Gateway Drive. Following the closing of this deal, the building is now fully occupied.
CBRE Senior Vice President, Philip Woodford, and Vice President, Steven Saunders, led the negotiations on behalf of the landlord, Buchanan Street Partners. JLL Executive Managing Director, Kevin Mechelke, represented the insurance company.
Travelers is set to occupy more than half of the office space at 21680 Gateway Drive following a move from the neighboring 21688 Gateway Drive — an 81,000-square-foot office building that was part of the former Gateway campus.
“Since the beginning of the pandemic, the project executed eight new office leases and renewed and expanded two additional tenants’ spaces,” Saunders said. “The fundamentals of the San Gabriel Valley and Inland Empire office markets continue to strengthen as the vacancy rate decreases to historic lows.”
In 2016, Buchanan Street dished out $44 million to acquire Gateway Corporate Center from its previous owner, Cornerstone Holdings. At the time, the property encompassed two 162,339-square-foot office buildings that were later split. However, the two buildings remain connected through a landscaped courtyard. The tenant roster at Gateway Corporate Center includes Global Imports; Cushman & Wakefield; Impro; Sampe; and NuBridge Commercial Lending, among others.
Completed in 2000 and renovated in 2020, Gateway Corporate Center is part of a 155-acre, master-planned business park located just east of state routes 60 and 57 and bordering Orange, San Bernardino and Riverside counties.
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