Buchanan Street Partners Signs 42 KSF Tenant at LA-Area Office Building

November 22, 2023

Brokerage Los Angeles News OfficeMoreWest

This lease with a major insurance company brings the building to full occupancy.

Gateway Corporate Center benefits from its central location which provides companies the ability to draw employees from Los Angeles, Orange, San Bernardino and Riverside Counties. Image courtesy of CBRE

Gateway Corporate Center’s tenant roster includes several Fortune 500 companies. Image courtesy of CBRE

Travelers Insurance has signed a 66-month, 41,646-square-foot lease with Buchanan Street Partners at Gateway Corporate Center, an 81,221-square-foot office building in Diamond Bar, Calif. JLL assisted the tenant, while CBRE negotiated on behalf of the landlord.

Travelers will occupy more than half of the office space at 21680 Gateway Drive, bringing the building’s occupancy to 100 percent. The insurance company is currently at 21688 Gateway Drive, the neighboring property that was once the second, twin component of the former Gateway campus.

A San Gabriel Valley office building

Buchanan Street had purchased Gateway Corporate Center in 2016 from Cornerstone Holdings for $44 million, according to CommercialEdge data; back then, the property was a two-building, 162,339-square-foot office campus. Later on, the firm split the complex in two and sold one of the buildings to an owner-user.

Completed in 2000 and renovated in 2020, Gateway Corporate Center is now a three-story building connected to its twin through a landscaped courtyard. Its tenant roster includes Global Imports, Cushman & Wakefield, Impro, Sampe and NuBridge Commercial Lending, among others.

Gateway Corporate Center is part of a 155-acre master-planned business park within the East San Gabriel Valley submarket. The property is near the intersection of Orange and Pomona freeways, which provide direct access to downtown Los Angeles.

CBRE Senior Vice President Philip Woodford and Vice President Steven Saunders brokered the transaction on behalf of the landlord, while JLL Executive Managing Director Kevin Mechelke worked on behalf of the new tenant.

The Los Angeles office market saw leasing activity improvement in October, according to a recent CommercialEdge report. The metro’s vacancy rate clocked in at 16 percent, down 50 basis points over the month and 1.8 percent below the national average. However, the value was still up 130 basis points on a year-over-year basis.