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8/07/14
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Granite Properties has purchased 2600 West Olive, a 10-story, 150k sf office building located in the heart of Burbank’s Media District., for $49 mil ($327/sf). The building, currently 87 percent leased to a variety of media related companies, was sold by Legacy Partners Realty Fund I LLC.
The building was constructed in 1986. During their ownership, Legacy completed extensive improvements to the common areas including the main lobby, restrooms, upper lobbies and parking areas. With no tenant occupying more than 15% of the building and staggered tenant expirations, the property provides the buyer income sability and the ability to benefit from anticipated rent growth in area.
The building's tenant roster includes a number of entertainment-related firms along with an executive suites location from Premier Business Centers.
CBRE’s Kevin Shannon, Tom Bolinger, Ken White and Mike Longo represented the seller in the transaction. This is the second office sale in Burbank this year by Shannon—he and his team also arranged the sale of 250 East Olive in downtown Burbank that closed in April. The buyer in that transaction was Beijing-based HanHai Investment.
“Capital is attracted to Burbank due to its strong historical fundamentals and growth projections supported by a strong depth of media-related companies including major film studios like Disney, Warner Brothers, NBC/Universal Comcast and DreamWorks,” said Shannon. “The sale of 2600 Olive is another demonstration of institutional capital’s increasing desire to acquire quality office assets in markets that are driven by strong growth industries like media and technology.”
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