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Thursday, Mar 28, 2024

Real Estate Quarterly: Burbank and Glendale

Average office leases in Burbank gained 1 cent during the quarter; at $3.18 it’s the most expensive corner of the Valley region. Vacancy held steady at 12.9 percent as tenants gave back an insignificant 1,700 square feet, according to Colliers International. Glendale had a flurry of building sales during the quarter, with a small uptick in vacancy to 11.7 percent and a 1 cent decline in rates to $2.61. Main Events -Nestle USA will relocate its corporate headquarters from Glendale to Rosslyn, Va. later this year, vacating about 379,000 square feet on 11 floors at 800 N. Brand Blvd. Children’s Hospital Los Angeles has agreed to lease a portion of Nestle’s space, taking about 50,300 square feet on two floors. Financial terms were not disclosed. -The 95,000-square-foot Media Center North at 2835 N. Naomi St. in Burbank sold to L.A. developer Goldstein Planting Investments for $23 million. -Buena Vista Plaza, a 115,000-square-foot office property at 2411 W. Olive Ave., sold for $52.5 million to an undisclosed buyer. -Onni Group in Vancouver, Canada, paid $83 million for Glendale Center at 611 N. Brand Blvd. The 14-story office building has 396,000 square feet. -Glendale Plaza at 655 N. Central Ave. sold for $179 million, or about $327 a square foot, to real estate investment firm DivcoWest in San Francisco. The 24-story office building has more than 547,000 square feet. -Cast & Crew Entertainment Services has leased an additional 20,000 square feet at its Burbank headquarters, giving it nearly 90,300 square feet at 2300 Empire Ave. -PSI Services has leased nearly 23,600 square feet at 611 N. Brand Blvd. in Glendale for its new corporate headquarters.

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