$90.5M for Burbank office tower

Acquisition by Pacshore reflects ongoing investor appetite for properties leased to media, entertainment firms

Los Angeles /
Nov.November 29, 2021 11:00 AM
$90.5M for Burbank office tower
Granite Properties CEO Michael Dardick and 2600 Olive (Granite Properties)

An office tower in Burbank has sold for $90.5 million in one of the priciest office deals in the suburban market at $592 a foot.

Dallas-based Granite Properties sold a 152,834-square-foot building at 2600 West Olive Avenue to Pacshore Partners, the firm announced on Monday. Newmark brokered the deal.

The property is 97 percent leased, benefiting from media-related companies amid booming demand for content creation, the firm said.

Granite Properties bought the 10-story office tower for $49 million in 2014, records show. The firm spent $2.7 million on renovations to the property, mostly to communal areas.

Brentwood-based Pacshore Properties owns a number of office properties across Southern California, including a 215,000-square-foot creative office portfolio across Playa Vista and Malibu, and a 150,000-square-foot office park in Santa Ana in Orange County.

The firm’s founder, Philip Orosco, said Pacshore has been “eagerly looking” to invest in Burbank office properties.

Investors have looked to Burbank in recent months, given the growth of media production and entertainment in the area.

In the third quarter, total vacancy rates across Burbank were 11.8 percent, according to Newmark. That’s compared to the 21.3 percent average vacancy rate across Downtown L.A. and the 20 percent vacancy rate in the neighboring city of Glendale.

Though one of the more expensive trades in Burbank in recent months, the sale didn’t reach the $106.6 million mark set by UBS Realty Investors in the third quarter. UBS sold a 234,000-square-foot complex to Prospect Ridge Advisors in October, though the price per foot was notably lower at $455 a foot.





    Related Articles

    arrow_forward_ios
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
    CAA picks JMB Realty’s new Century City tower for HQ
    CAA picks JMB Realty’s new Century City tower for HQ
    Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
    Rexford’s latest in South Bay brings 307K sf
    Rexford’s latest in South Bay brings 307K sf
    Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    A photo illustration of 5123 Rosemead Boulevard (Lee & Associates)
    Local investor picks up San Gabriel Valley apartment portfolio
    Local investor picks up San Gabriel Valley apartment portfolio
    11672 San Vicente Boulevard in Brentwood (Google Maps)
    Brentwood retail complex fetches $2,000 psf
    Brentwood retail complex fetches $2,000 psf
    The Mix at Harman Campus at 8500 Balboa Boulevard with Shubin Nadal Realty Investors' Bill Shubin and Lonnie Nadal (Shubin Nadal Realty Investors)
    44-acre business campus in San Fernando Valley for sale
    44-acre business campus in San Fernando Valley for sale
    Neil Shekhter and 21021 Vanowen Street in Canoga Park (Google Maps, Shekhter by Kevin Scanlon)
    Shekhter sells Canoga Park apartments
    Shekhter sells Canoga Park apartments
    arrow_forward_ios

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

    Loading...