Vic Studio Property in Burbank Area of LA on Market for First Time in 20 Years
A historic production studio has come to market in Burbank, Calif. for the first time in 20 years, Commercial Observer has learned. Vic Studios, a 3.2-acre property in the heart of the Burbank Glendale Media Triangle—and home to major entertainment heavyweights like Warner Bros. Studios, Walt Disney Studios and Universal Studios—is being marketed for lease by Colliers International on behalf of owner Hileman Cowley Partners, a joint venture between Cowley Real Estate Partners and the Hileman Company.
Located at 1840 Victory Blvd., the building is currently entirely occupied by Telepictures, a television and digital content production company under the Warner Bros. umbrella, whose lease concludes at the end of 2018. Shows produced at the studio include The Ellen DeGeneres Show, Extra!, TMZ and Crime Watch Daily.
According to Colliers’ Nico Vilgiate, who heads the property’s exclusive marketing and leasing team, along with Kyle Stanich, they are seeking a single tenant for a long-term lease. According to Jack Hileman of the Hileman Company, a development partner of Cowley Real Estate Partners, they are seeking north of $3 a square foot in a triple- net lease for the property.
“I’m a strong believer in this property, not simply because I’m leasing it, but because there’s a huge demand versus a supply of this type of campus environment with stage adjacency,” Vilgiate told CO.
“A part of the reason for this purchase, which was strategic, is its entertainment-proven address as well as its entertainment proven bones and just simply, you have good real estate,” he continued. “You have an efficient floor plan, a large lot, again with abundant parking. Those things are tough to find in a dense city like Los Angeles.”
As currently configured, the property is comprised of 56,550 total square feet on two floors, including two 4,000-square-foot sound stages, and can be enlarged to almost 70,000 square feet by expanding the mezzanine. The space surrounds a central work area with a 27-foot-high ceiling. There is also the potential to expand one of the soundstages to 10,000 square feet with 30-foot clear heights.
Los Angeles-based Hileman Cowley Partners, which acquired the property for more than $15 million last March according to property records, recently completed exterior improvements to the studio, including upgrades to landscaping and parking, which as currently configured includes 231 parking spaces in a secured lot with gated entry and guard booth, as well as extra-wide drive aisles to accommodate production vehicles. With the utilization of valet parking, the lot can be enlarged to hold 300 cars.
“This is one of the largest parcels available in this Burbank and Glendale Media triangle, which is an area I’ve been looking at for quite some time because of the huge concentration of media companies in the vicinity,” Hileman said. “We are completely surrounded by big media and smaller people who support them so there is always a demand. Unlike on the west side where there are a lot of spaces like this, in this market, there just aren’t any.”