Biggest Lease in Years Signed in Valencia

The Automobile Club of Southern California has signed a lease to move its insurance claims division to a different location in Valencia, according to commercial real estate brokerage California Realty Group. The insurer signed a 10-year lease for roughly 29,000 square feet in the Summit at Valencia on 27240 Turnberry Lane with the building’s owner, Great Point Investors. The company currently occupies 30,000 square feet at 27421 Tourney Road. Mark Esses and Keith Kleinman with California Realty Group brokered the deal on behalf of the Auto Club. Colliers International Senior Vice Presidents Kevin Fenenbock and John Erickson represented Great Point. The transaction is the largest new lease in at least 10 years in the Santa Clarita Valley, according to Fenenbock. Esses said finding the space took six to nine months because of the area’s tight market for larger office spaces. The Automobile Club is expected to move by the fall, according to the company.