Burbank saw vacancy dive to 9.7 percent, compared to 13.6 percent last quarter. Rents went the other direction, gaining 15 cents to $3.35 a square foot. Burbank tenants took 194,400 square feet off the market. In Glendale, vacancy rose to 13.5 percent, up from 12.2 percent last quarter, and rents increased 11 cents to $2.76. Tenants vacated 82,000 square feet during the quarter.
-New York investment fund Blackstone Group purchased a Burbank office portfolio for $1.7 billion from developers Jeff Worthe and M. David Paul. The properties include the Tower at 3900 W. Alameda Ave.; Central Park at 3500 W. Olive Ave.; Pinnacle I and II at 3400 and 3300 W. Olive Ave., respectively; the Pointe at 2900 Alameda Ave.; and Media Studios at 2255 N. Ontario St.
-Credit Suisse AG acquired the 189,109-square-foot Glendale North Campus office complex at 207 Goode Ave. for $58 million.
-Choice Hotels International Inc. and developer S3D Partner plan to build a Cambria-branded hotel at 201 S. Glenoaks Blvd. in Burbank. The 90-room hotel will include meeting spaces and onsite dining.
-The 63-unit apartment complex at 1001 Melrose Ave. in Glendale sold for $20 million to partnership Olympic Town. The seller was the Bascom Group, according to CoStar Group Inc.
-The 351-room Hilton Los Angeles North in Glendale sold for almost $73.5 million. Arcadia real estate developer Kam Sang Co. Inc. bought the 1.76-acre site from Rockwood Capital.
-Excellent Treasure in South Pasadena paid $17.6 million for the property leased to Target at 1033 N. Hollywood Way in Burbank. The site has 25,480 square feet of retail space.