Two new direct tenants, Formosa Group, and Rethink Leisure & Entertainment, have signed leases at Hanhai Civic Plaza in downtown Burbank, according to a Cushman & Wakefield release.
Cushman & Wakefield Executive Vice Presidents Mark Robinson and Arlene Sommer represented Formosa Group while Executive Vice President, Chris Keller and Partner, Chris DuMont, of Madison Partners represented Rethink. Cushman & Wakefield Director Katie Bernhisel and Senior Associate Dillon Moscone represented the building’s landlord, Creative International Investment, Inc., in both transactions.
Formosa Group, a full service post-production sound company serving filmmakers and content creators, has signed a seven-year lease for 8,834 square feet. Rethink, a Burbank-founded design firm specializing in themed entertainment for amusement parks and resorts, also signed on to occupy 4,354 square feet across an undisclosed period of time. Both tenants began assuming their respective leases earlier this month.
The 250 E. Olive Ave. structure, a 79,762-square-foot class A office building situated in the heart of downtown Burbank, is located minutes from the major studios, Hollywood Burbank Airport, and I-5 and CA-134 interchange.
The property, purchased by Creative International Investment, Inc. in 2014, was, until recently, 60 percent leased by Technicolor, which had moved out in 2015 but had been subleasing the space to Formosa Group and Rethink. After the film lab’s lease ended Feb. 28, Formosa Group and Rethink signed on as direct tenants. Currently, the Hanhai edifice has more than 32,000 square feet of contiguous leasing space available for the first time since the building’s 2005 completion.
“We are happy to welcome Formosa Group and Rethink as tenants at 250 E. Olive,” Bernhisel said. “From sound editing and post-production to gaming and animation, the building offers a unique and productive environment for tenants in downtown Burbank’s most convenient location,”
Formosa Group and Rethink join a roster of entertainment and media tenants already situated at Hanhai, including Marza Animation Planet (a subsidiary of SEGA Holdings) and Furious FX. Other tenants include FedEx and Wells Fargo.
In addition to agency leasing, Cushman & Wakefield professionally manages Hanhai Civic Plaza on behalf of Creative International.