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LOS ANGELES COUNTY NEWS
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Creative Office Building in Burbank Media District Acquired for Nearly $500/sf

5/27/21

The Link, a recently renovated, 124.8k sf seven-story office building in Burbank, sold for $61.5 mil ($493/sf). The Class A building, located at 2901 West Alameda Ave, offers creative office space and post-production, broadcasting, screening and editing facilities.

The property recently underwent an extensive renovation in 2019 and features a collaborative outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13’-18’ ceiling heights, and an exclusive 2,500-square-foot outdoor patio on the 7th floor. The property is currently 76% leased to five tenants.

The Burbank Media District is an elite subset of 13 Class A buildings totaling 3.5 msf, according to Newmark Research. The Burbank Media District currently boasts the lowest vacancy rate in the Los Angeles office market at 3.8%. The submarket is fueled by demand from an ever-growing entertainment industry and tremendous backlog of content creation and production due to the pandemic. Tenant velocity is expected to continue due the area’s quality office product, plentiful amenities, and surrounding major film and television studios.

Newmark’s Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented the seller, a partnership between Fortress Investment Group and Ocean West Capital Partners. The buyer was Pendulum Property Partners. Acquisition financing was arranged by Newmark’s Vice Chairman David Milestone, Senior Managing Director Brett Green and Associate Director Henry Cassiday.

“Buoyed by persistent demand from content creation providers and synergistic post-production servicers, the Burbank Media District’s vacancy rate has dropped to sub 4%,” said Shannon. “Investor demand for this high conviction theme mirrors the intensity of the tenant demand, making Burbank one of the hottest office submarkets in Los Angeles right now.”






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