Hearst Media signs office lease at DivcoWest building in Glendale

Hearst — the media group behind Elle, Men’s Health and Cosmopolitan magazines — has signed a lease to occupy about 20,000 square feet at a DivcoWest-owned building in Glendale.

Hearst Media Production Group, which develops original programming for distribution to cable and streaming services, signed a 10-year deal to take up space at 655 North Central Avenue, DivcoWest announced Monday. The firm is expected to move into the building sometime next year. 

Financial terms of the deal were not disclosed. 

With the lease, Hearst will move from an “older facility” and can expand its West Coast operations, DivcoWest said.

Hearst previously occupied space at 824 North Victory Boulevard in Burbank, a roughly 10,000-square-foot building owned by a limited liability company linked to Dan Vasquez in Thousand Oaks, records show. 

The 549,000-square-foot building in Glendale is located next to the 134 Freeway. Other tenants at the property include the California State Public Employees Retirement System, coworking operator Regus and First Citizens Bank. 

Glendale has one of the higher office vacancy rates across submarkets in L.A. — in the second quarter, more than 30 percent of all office space was available, according to Savills, compared to the L.A. average of 26.6 percent. Next-door Burbank has one of the lowest vacancy rates in L.A. County at 18.5 percent

But Glendale’s asking rents sit lower than L.A.’s average. Average monthly asking rents for office space in Glendale were $3.20 a square foot in the second quarter, compared to $3.84 across L.A. County.