Investor’s $106M Buy in Burbank Sets Office Mark in LA

Two-building property most expensive countywide in Q3

Los Angeles /
Oct.October 15, 2021 12:40 PM
NY Investor’s $106M Buy in Burbank Sets Office Mark in LA
UBS’ head of real estate Matt Johnson, Prospect Ridge’s Jay Nydick and 2350 West Empire Avenue (UBS, Prospect Ridge, Google Maps)

UBS Realty Investors has offloaded a two-building office complex in Burbank for the priciest deal across Los Angeles County in the third quarter.

The real estate division of the Swiss investment bank sold the 234,000-square-foot complex at 2350 and 2400 W. Empire Avenue to New York-based Prospect Ridge Advisors for $106.6 million, records show. Neither UBS nor Prospect Ridge immediately responded to requests for comment.

UBS acquired the complex, about a mile from Hollywood Burbank Airport, for $80 million in 2015 from CBRE Investors, according to records.

The new owner of the property, Prospect Ridge, was founded in 2019 as a joint venture with AllianceBernstein to focus on acquiring commercial properties across the U.S. It currently has a stake in the massive American Dream theme park and retail complex in New Jersey.

Burbank has been a hot market for office sales in recent months, given its status as a hub for media and entertainment companies.

In May, Fortress Investment and Ocean West sold a 125,000-square-foot property for $62 millionto Pendulum Property.

Though office availability is hovering at a 10-year high, Burbank vacancy rates are the lowest across the county. The third quarter saw 9.4 percent of office space in Burbank available, compared with a countywide average of 24 percent.





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