Burbank gives green light to massive business park project

Overton Moore Properties will build office, industrial and hotel components on 61 acres

Los Angeles /
Apr.April 03, 2019 08:00 AM
Timur Tecimer, CEO of Overton Moore, and a rendering of the development

Spread across 61 acres, the Avion Burbank business park will have nine two-story office buildings, six light-industrial structures, two retail buildings, and a 150-key hotel.

The massive project by Overton Moore Properties got the green light from the Burbank City Council, with construction expected to begin in the fall, according to the Burbank Leader.

The 18-structure development will rise near the Hollywood Burbank Airport, continuing what has been an active period for investment in Burbank.

Overton Moore purchased the property at 3001 N. Hollywood Way from the Burbank-Glendale-Pasadena Airport Authority in 2015 for $72.5 million. It was the last local parcel owned by Lockheed Martin.

The airport authority is planning to build a new 14-gate terminal next to the future business park.

Gardena-based Overton Moore also recently sold a large industrial development site in San Gabriel Valley for $32 million.

Burbank has seen other substantial investment activity in office and industrial real estate in the past year.

Last August, BKM Capital Partners purchased a 302,000-square-foot industrial park at the Backlot Burbank campus near the airport for $85 million. It was one of the largest investment sales of 2018 in Los Angeles County.

An office complex at 3300 Riverside Drive that is leased to the New York Film Academy was recently listed for $40 million, and Insomniac Games recently renewed its 42,000-square-foot lease at the Media Studios campus in Burbank. [Burbank Leader]Gregory Cornfield


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
Sean Burton and a rendering of the project (Cityview, Humphreys & Partners Architects)
Cityview secures funding for nearly 300-unit complex near USC
Cityview secures funding for nearly 300-unit complex near USC
Burbank Studios with Blackstone's Nadeem Meghji and Jeffrey Worthe (Google Maps)
Blackstone partners with Worthe Real Estate on 500K sf office tower
Blackstone partners with Worthe Real Estate on 500K sf office tower
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)
Continuum Partners, Platinum Equities plan Arts District office tower
Continuum Partners, Platinum Equities plan Arts District office tower
Jeffrey Worther and Blackstone’s Jonathan Gray with (clockwise from top left) Media Studios, The Point, 3800 Alameda and Central Park (Getty)
Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio
Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio
Rendering of 577-unit District Square project in South L.A. (Los Angeles Department of City Planning, iStock)
Judge orders LA to reconsider Charles Co.’s District Square project
Judge orders LA to reconsider Charles Co.’s District Square project
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)
Going up: Koreatown tower project developers boost plans
Going up: Koreatown tower project developers boost plans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...