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The Real Deal Los Angeles

Worthe and Shorenstein seek $450M bid on Burbank campus

The 928K sf campus was listed with Eastdil Secured
January 18, 2017 04:00PM

Burbank five-building campus is ready for a buyer (CommercialSearch)

The 19-acre Media Studios North complex in Burbank is sitting pretty for its next owner.

Santa Monica-based Worthe Real Estate and Shorenstein Properties of San Francisco recently listed the 928,000-square-foot campus with Eastdil Secured. 

The owners of the five-building campus are hoping to draw bids of around $450 million, or $485 a foot, REAlert reported.

The property is home to a number of notable technology, media and healthcare companies. Kaiser Foundation Health Plan is the largest tenant, with a lease for 191,000 square feet that doesn’t expire until 2025. Other tenants include Walt Disney Pictures, Yahoo and TiVo.

The property’s occupancy rate is 88 percent. The average rate for Burbank office space is 90.4 percent. [REAlert] — Subrina Hudson