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2/28/19
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Video game software company, Insomniac Games, has agreed to a 65-month renewal of its lease at Burbank’s Media Studios campus. Insomniac, which has been in this space since 2002, will continue to occupy the entire 5th floor, totaling nearly 42k sf.
Insomniac’s building, at 2255 N. Ontario St, is part of a unique, 19-acre campus comprised of five buildings, totaling 900k sf of low-rise office space designed for entertainment and media tenants. The Gold LEED-certified environment features several amenities such as a fitness club, a convenience store, a sizeable outdoor space, a day care, a massage room and several activities such as ping-pong, chess, basketball, a putting green, a volleyball court, a jogging track, bocce ball, and more.
Todd Doney, Doug Marlow, Ryan Pettersen, and Juliana Sampson of CBRE represented the landlord, Worthe Real Estate Group, a Santa-Monica based real estate company. Matt Brainard of Savills Studley repped Insomniac Games in the deal. The lease value was not disclosed.
“Media Studios is one of the most premier assets in the tri-cities and is home to some of the largest, household-name media and entertainment companies,” said Doney. “The space, culture and unmatched amenities serves as a hub for further growth.”
Tech, media and entertainment-related companies continue to drive office activity across Greater Los Angeles, according to CBRE’s quarterly report. Burbank’s direct vacancy rate dropped further to 9.4% and overall asking lease rates were up 3.75 year over year to $3.67 per sq. ft. per month.
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