Hasbro, in expansion mode, signs lease for 80K sf at Media Studios North in Burbank
Hasbro is on a roll, and it just doubled its L.A. office footprint to prove it.
The publicly-traded toymaker signed a lease this week for approximately 80,000 square feet of office space at the Media Studios North Tower at 3333 West Empire Avenue, The Real Deal has exclusively learned.
It’s terms with the landlords, Jeff Worthe’s Worthe Real Estate Group and Shorenstein Properties, are not known. Hasbro and Worthe could not immediately be reached for comment.
The Pawtucket, Rhode Island-based toy company will move from Falcon Real Estate’s building at 2950 North Hollywood Way in Burbank, where it takes only about 45,000 square feet.
Hasbro’s real estate growth comes as it continues to expand its entertainment division. The toymaker has become increasingly involved with the business of making movies about its toy brands, and then selling even more toys, sans licensing fees, based on those movies.
In addition to licensing the rights to make toys from “Star Wars” to great success, Hasbro makes bank on from toys based on its own properties, such as Transformers, the action figures it began manufacturing in the 1980s and subsequently built into a popular entertainment franchise with a series of films. The company is expanding this movie strategy to its My Little Pony brand and its Play-Doh brand, which both have films in development, according to recent company reports.
The building is 82 percent leased, according to CoStar. Tenants include Allied Financial.
Sources said Jonathan Larsen of Avison Young and Michael Dalton of Cushman and Wakefield represented Hasbro in the lease deal. Brad Feld of Madison partners is the listing brokers for the building, according to CoStar. None of the brokers could immediately be reached for comment.
Editor’s note: This story has been updated from an earlier version to reflect the correct building name.