Fuse Media has renewed the lease for its 20,900-square-foot West Coast headquarters at 700 North Central Avenue in Glendale, but this time with an added bonus: a “Fuse” sign atop the eight-story building overlooking the 134 freeway.
The lease renewal is for five years, according to Avision Young’s Jacob Bobek, who represented Fuse in the transaction. The landlord, a subsidiary of Blackstone, was repped by CBRE.
The cable TV company opened the Glendale office in 2009. Since then, it has occupied all of the sixth floor and part of the third.
Asking rent at the 143,050-square-foot building, according to CoStar, is $2.50 per square foot per month, which would value Fuse’ renewal at roughly $3.2 million.
As part of the lease negotiations, Blackstone agreed to give the tenant signage rights at no additional cost outside rent, according to a source close to the deal. Fuse will have to pay for installation and related costs.
In addition to the new sign, Fuse will pursue some modifications to the space, including the addition of creative elements, Bobek told The Real Deal. The entertainment firm wants to stay in Glendale for the time being — rather than move to more entertainment-oriented submarkets such as Hollywood — out of commitment to its employees who now live in the area, he said.
In October, Bobek brokered the deal for Fuse’s new, 26,776-square foot lease at Manhattan’s One Penn Plaza, owned by Vornado Realty Trust.