CBRE Arranges 41,646-Square-Foot Lease for Traveler’s Insurance

CBRE's Philip Woodford and Steven Saunders, represented Buchanan Street Partners LP, the landlord of Gateway Corporate Center in Diamond Bar, Calif., in negotiating a 66-month 41,646-sq.-ft.-office lease for Traveler's Insurance, who was represented by Kevin Mechelke with JLL. The Class A three-story building is at 21680 Gateway Drive and totals 80,221 sq. ft.

"This lease officially brings the project at Gateway Corporate Center to full occupancy. This is a big win in the office market this year and is a testament to Buchanan Street Partners' efforts to upgrade the common areas, lobbies, and courtyard seating area early during the COVID-19 shutdowns," said Mr. Sanders, Vice President at CBRE.

He added, "Since the beginning of the pandemic, the project executed eight new office leases and renewed and expanded two additional tenant's space. The fundamentals of the San Gabriel Valley and Inland Empire office markets continue to strengthen as the vacancy rate decreases to historic lows."

Gateway Corporate Center is home to several Fortune 500 companies and is minutes from State Route 60 (SR-60), SR-57, and Interstate 10. Its location is strategically placed at the four corners of Los Angeles County, Orange County, San Bernardino County, and Riverside County, allowing companies to benefit from a diverse employee base and reduced commute times.

Buchanan Street Partners is a real estate investment management firm based in Newport Beach that focuses on value-investing in commercial, multifamily and self-storage direct ownership and making debt investments. Since its founding in 1999, the company has invested over $8 billion of real estate debt and equity investments. The firm’s investment team has invested through multiple real estate cycles, providing them the experience to identify risk-adjusted opportunities while prioritizing principal preservation.