Investor’s $106M Buy in Burbank Sets Office Mark in LA
Two-building property most expensive countywide in Q3
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.