Three Downtown Burbank Office Buildings SoldThursday, June 4, 2015
Three high-profile Burbank buildings, with tenants that include Cartoon Network, Turner Broadcasting and MTV Networks, have been acquired by a Dallas real estate investment group that plans to reconfigure them into a walkable campus.
Lincoln Property Co. acquired Burbank Executive Plaza, 300 E. Magnolia; Glenoaks Plaza, 303 N. Glenoaks Blvd.; and 333 N. Glenoaks Blvd. from Kennedy-Wilson Properties Ltd. The properties had been on the market since March and sold for an undisclosed price.
Kennedy-Wilson, a publicly traded Beverly Hills investor, acquired the buildings from Arden Realty Inc. in Los Angeles for $95.1 million in March 2008, according to real estate data provider CoStar Group Inc.
The trio of high-rises, together with two parking garages, total 326,000 square feet and are within a full city block in the heart of the downtown. But they are dated, having been constructed between 1978 and 1983.
Lincoln Property is rebranding the 3-acre site as the Burbank Collection and plans to tie the existing open space between the buildings together with outdoor decks, terraced dining areas, landscaping and public art.
The planned upgrades, including turning an unfinished loading alley that bisects the site into a central pedestrian walkway, are expected to be completed by early next year. The company would not comment on the estimated cost of the revamp.
“We look forward to transforming the Burbank Collection into an active and dynamic campus for technology, media and entertainment companies looking to locate or expand in Burbank,” said David Binswanger, executive vice president at Lincoln, in a prepared statement.
Glenoaks Plaza currently is 87 percent leased to tenants that include Cartoon Network and Turner Broadcasting System Inc. Burbank Executive Plaza is 95 percent leased, with MTV Networks as the major tenant. At 333 N. Glenoaks, 63 percent of the building is occupied. Efforts to fully lease the property are underway, Lincoln said in its statement.
Brokerage CBRE Group Inc. in Los Angeles handled the transaction.