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Glendale lease.

California Insurance Guarantee Association has signed a 10-year lease for headquarters space in Glendale that is valued at about $7.5 million, according to sources with knowledge of the Glendale market.

The association with move into its new 27,200-square-foot offices at 101 N. Brand Blvd. at the end of September, said Wayne Wilson, executive director of the association, which handles claim responsibilities for insolvent insurers. The association's current offices, 35,000 square feet at 700 N. Brand, are being marketed for sublease.

According to broker Andrew Lustgarten of Studley, who represented the tenant, the organization is able to take a smaller amount of space at 101 N. Brand because the space can be used more efficiently than the group's current offices.

Wilson said the organization decided to move to the Class A building because the deal at the 19-story tower at 101 N. Brand, called Glendale City Center, made financial sense.

"The opportunity at the new location was a better opportunity than staying at our current location," said Wilson.

Patrick Church of CB Richard Ellis Group Inc., who represented landlord Legacy Partners Inc. of Foster City, said the property is close to 80 percent leased.

Both brokers and Wilson declined to discuss the terms of the deal.

David Kim of Studley also represented the tenant. Anneke Greco of CB Richard Ellis also represented Legacy.

Staff reporter Daniel Miller can be reached at dmiller@labusinessjournal.com or (323) 549-5225, ext. 263.
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Title Annotation:REAL ESTATE
Author:Miller, Daniel
Publication:Los Angeles Business Journal
Date:Aug 23, 2010
Words:241
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