Burbank tower occupied by New York Film Academy lists for $40M

The property is fully leased until 2028

Mar.March 15, 2019 12:00 PM
3300 Riverside Drive

3D Investments has listed a Burbank property fully leased to the New York Film Academy for $40 million, or about $720 per square foot, The Real Deal has learned.

Originally built for Warner Bros., the 55,550-square-foot building at 3300 Riverside Drive has served as the Los Angeles home of the film school. The Film Academy recently signed a deal extending its lease at the location through August 2028. It has two campuses in New York and 18 worldwide.

Bob Safai at Madison Partners has the listing.

The four-story building sits on half an acre in the Burbank Media District, near all the major studios.

3D Investments is led by Joseph Daneshgar. The firm, acting behind two LLCs, paid $30 million for the property in 2015, property records show. That works out to $540 per square foot.

Burbank is home to some of the world’s biggest media companies, including Disney and Universal. Last year, Warner Bros. renewed its 456,000-square-foot lease at Douglas Emmett-owned Studio Plaza, which is adjacent to the NYFA property.

Based in Beverly Hills, 3D Investments is also active outside of Los Angeles. Last August, the firm paid $44 million to acquire a 209-unit luxury condo project in Las Vegas. A group led by Daneshgar also paid $33 million for a 333,670-square-foot retail complex there two years earlier.

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