Burbank Office Property Acquired by Granite Properties in $49 Million Deal
- Aug 10, 2014
A Burbank office building was recently acquired by Granite Properties as the company expanded its SoCal office portfolio beyond the one million square foot mark. The buyer paid Legacy Partners Realty Fund I LLC a fee of $49 million for the asset located in the city’s Media District. Legacy Partners was represented by Kevin Shannon, Tom Bollinger and Michael Longo of CBRE, while Granite Properties was represented by its own employees, Paul Bennett and Tom Miller.
Located at 2600 W. Olive, the 10-story office building offers a total of 146,221 square feet of space. The facility was originally constructed back in 1986, with the last major renovation carried out in 2006. The Tri-Cities area is a hotbed for commercial real estate targeted at the media and entertainment industries, with creative industries accounting for 1 in every 8 jobs in L.A., according to Granite Properties’ press statement. Burbank is home to some of the largest media-related entities in the entire world such as Disney, ABC, NBC Universal, and Warner Brothers.
The acquisition is the company’s third in the Los Angeles market over the past two years. The previous two were Orange City Square in Orange back in 2012 and 500 N. Brand in Glendale in 2013. As previously mentioned, this buy brings Granite Properties’ portfolio to over one million rentable square feet.
Nearby transportation routes include the Gloden State Freeway, the Ventura Freeway, a number of Amtrak stations, and the Metrolink, as well as the Bob Hope Airport. The facility offers views of Burbank, as well as the Verdugo Mountains.
The Energy Star-rated asset had an occupancy rate of 87 percent, including tenants such as Disney Worldwide, Emmis Radio Group and Ion Media. Leasing duties at the facility will continue to be carried out by JLL’s Patrick Church & Anneke Greco, due to their ongoing work at 2600 W. Olive.
Image courtesy of graniteprop.com