By: John Krikorian
Goal: Tackle 1 Million Sq Ft of Commercial Real Estate Vacancy Rate
Longtime commercial real estate veterans Bill Boyd and Linda Lee have returned to Glendale and opened a new commercial real estate office for the Charles Dunn Company. Joining the team is Peter Pearce, a former real estate appraiser specializing in the Dallas area. Boyd and Lee are familiar names in the Tri-Cities and San Gabriel Valley, and Peter recently moved to this area to begin his commercial real estate brokerage training under the Boyd and Lee team. All three of the team members live in the Tri-Cities market area and the company is hearing from other agents interested in joining the new office.
Economic news continues to appear bleak in most regions, and the Tri-City office market will face one of its greatest challenges in the next few years as over two million square feet of office space was vacant in the Tri-Cities market at the beginning of this year—half of that in Glendale. Boyd has favorable opinions regarding the situation, “The amenity base, freeway access, and proximity to labor all benefit the Tri-Cities and San Gabriel Valley office market.”
Tenant retention is an important aspect of real estate, and in hard times property owners eagerly seek renewals and are willing to negotiate lease options. One of the difficulties facing commercial real estate today is that many tenants are hesitant to plan early for renewal due to the declining economy, including concerns about the strength of their own businesses. Tenants’ ambivalence contributes to concern that property owners have regarding the strength of their investments, and an experienced local brokerage team is an essential element to bridge the communication and relationship between the two. This type of relationship directly leads to creating and maintaining a strong commercial real estate community.
In 1990, Boyd was the top income producing office broker for CB Commercial in the United States, having leased over twenty of the areas most significant office development projects, including the 750,000 square foot 10 UCP office building in Universal City; Burbank’s tallest building at 3900 Alameda; eight of Glendale’s major office buildings; and four in Pasadena.
Lee participated in over $400 million worth of transactions and has been recognized in local and national publications for her work. In 2007, Lee was featured in Real Estate Forum as one of the nation’s “Top 30 Under 30” commercial real estate professionals to watch.
Boyd considers community involvement a significant part of his business experience. “Early in my career I devoted almost as much time in the community as I did to my work. Being directly involved, living here, and volunteering our time to the community gives us a perspective and ability to market this area like no other leasing team we know.” Both Boyd and Lee currently serve on Glendale’s Verdugo Housing Corporation board of directors and Boyd serves on the Verdugo Hills Hospital board of directors, as well as involvement with several other community organizations.
Dennis Slattery, executive managing director of the Charles Dunn Company who brought the Boyd-Lee-Pearce team into the firm says, “Opening this office complements our plan to have a strong presence in the key markets throughout the Los Angeles and Orange County areas. While other companies have moved out of this area, we are committed to being an active participant in the community as well as conducting our brokerage business.”
Boyd says it’s exciting to have an office located back in the market that they served for so long and looks forward to their upcoming efforts, “We are very proud of the Charles Dunn Company commitment to make this investment in this office and to our clients.”
The Tri-City and San Gabriel Valley office markets are fortunate to have such experienced professionals “back in town”. We’re glad they’re here.
To contact Senior Managing
Directors, Bill Boyd and Linda Lee at
their new Charles Dunn Company
office in Glendale call 818-550-8200