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2/15/18
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In a major creative office buy in LA’s Tri-Cities area, Intercontinental Real Estate Corporation has acquired Connexion Burbank, a three-building, 337.9k sf urban office campus in the city’s downtown area. The asset was sold for $123.5 mil ($365/sf) by a joint venture between Lincoln Property Company and Angelo Gordon.
Located at 303 N. Glenoaks Blvd, 333 N. Glenoaks Blvd and 300 E. Magnolia Blvd, the properties are situated on just over three acres of land and provide direct access to an abundance of walkable amenities within downtown Burbank. Collectively, Connexion Burbank is 91% occupied by a diverse set of tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360 among others
Originally built in 1983, 1978 and 1984, the buildings recently underwent a major capital renovation. The renovation and rebranding, which totaled nearly $8 mil, included significant upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, and Managing Directors Michael Moll and Laura Stumm represented the seller, along with Kent Handleman of Lincoln Property Company and Doug Marlow of CBRE who served as local market leasing advisors in the sale. The buyer was self-represented.
“Connexion Burbank was attractive to capital because it provided newly renovated creative office product on nearly a full city block. Connexion offers terrific optionality and additional upside by completing the interior renovation work,” said Shannon. “Burbank is also benefitting from the “Blackstone Effect” from Blackstone’s recapilitalization of Worthe’s massive Burbank portfolio. Capital expects market rents in Burbank to be pushed.”
“Connexion Burbank makes up more than 50% of downtown Burbank’s Class A office inventory and provided a unique opportunity to acquire scale with immediate walkable access to downtown’s tremendous amenity base,” said Moll. “With the recent $60 mil renovation of Burbank Town Center and several new multifamily developments in the pipeline, the area continues to improve and solidify itself as Burbank’s urban core.”
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