A 152,834-square-foot office building in Burbank has sold for $90.5 million.
Granite Properties sold the 10-story building at 2600 Olive Ave. to Pacshore Partners, which plans to upgrade the tenant spaces. For Pacshore, which owns properties in West L.A., Malibu and Santa Ana, 2600 Olive will be its introduction to the Burbank submarket.
“We have been eagerly looking to invest in the Burbank Media District office market, and 2600 is a great start,” Philip Orosco, founder of Brentwood-based Pacshore Partners, said in a statement. “Granite has done a fantastic job of managing and modernizing the asset, and we look forward to continuing down that path.”
Newmark Group Inc.’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michaeel Kolcum represented Granite Properties in the transaction.
After acquiring 2600 Olive in 2014, Granite invested $2.7 million into renovating the property, including common spaces such as the lobby, elevators, bathrooms, parking and signage as well as adding clean air technology.
The building, which is currently 97 percent leased, is well-positioned in the media and entertainment hub near the Walt Disney Co. and Warner Bros.’ lots as well as central to various production and post-production companies and animation studios.
“If anybody ever doubted the resiliency of the entertainment industry or its status as L.A.’s guiding light, the pandemic has erased any hesitation, and Burbank is exhibit 1-A,” Newmark’s Hannan said in a statement. “As the epicenter and backbone of L.A.’s expansive entertainment infrastructure, Burbank has benefited tremendously from the explosive growth of content providers, streaming or otherwise.”
Recent office sales in Burbank include the $24 million sale of a 50,986-square-foot medical office building at 2701 W. Alameda Ave. Â in October.