Ocean West, Fortress nab Burbank office building for $40M+
A joint venture between Ocean West Capital Partners and Fortress Investment Group acquired a Burbank office building at 2901 W. Alameda Avenue from Lionstone Investments.
While neither party was immediately available for comment on the price, sources said it was in the “mid-$40 million range.” A price of $45 million would pencil out to about $375 a foot.
Lionstone bought the 119,819-square-foot , seven-story building, at at 2901 W. Alameda Avenue, for $46.3 million from MJ Realty Group at the height of the previous cycle in 2007. The property, which comprises post‐production, broadcasting, screening, and editing facilities, was built in 1981 for tenant Ascent Media Holdings and renovated in 2005.
Bob Safai, Matt Case and Brad Schlaak of Madison Partners brokered the transaction on behalf of the seller. Safai also declined to comment on the price.
The deal is the latest in a string of major office transactions in Burbank. Palo Alto-based Menlo Equities bought Buena Vista Plaza, a 116,000-square-foot office property that’s almost entirely leased to Walt Disney Company for $52.5 million, or $456 a square foot, earlier this year. And Santa Monica-based Worthe Real Estate and Shorenstein Properties of San Francisco are reportedly shopping the 19-acre Media Studios North complex nearby for around $450 million, or $485 a foot.
Meanwhile, Lionstone is a key investor in the creative makeover of the Title Insurance and Trust building in Downtown L.A., alongside Rising Realty Partners and Industry Partners.