Blackstone Buys Burbank Office Portfolio for $1.7 Billion

New York City hedge fund giant Blackstone Group has bought a majority stake in several iconic buildings in Burbank’s Media District, according to the company. Blackstone has closed on its purchase of four office buildings in the portfolio and expects to close on two more at some near-future time. The value of the overall portfolio is $1.7 billion, according to the transaction, and the properties total more than 3 million square feet of Class A space that hosts many of the top media and entertainment companies, including Walt Disney Co. and Yahoo. Several buildings are and were owned or developed by Santa Monica developers Jeff Worthe and M. David Paul. Worthe will continue to manage the buildings. 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.