Pacshore Partners Pays $91M for Burbank Office
The 152,834-square foot property is 97 percent leased
It seems everyone wants a piece of Burbank, Calif.
Granite Properties announced it sold a 10-story, Class-A office building in the Burbank Media District to investment firm Pacshore Partners for $90.5 million. The 152,834-square foot property at 2600 West Olive Avenue is 97 percent leased.
Burbank has been hogging much of the action this year as firms tap into the thriving media and entertainment industries. Just in the past month, Onni Group acquired the 1.2 million-square-foot Burbank Town Center for $136 million; Clarion Partners and Cityview bought a 276-unit multifamily development for $161 million; and LaTerra Development and QuadReal Property Group closed on a $198.5 million construction loan to build 573 apartments.
“We have been eagerly looking to invest in the Burbank Media District office market and 2600 Olive is a great start,” Philip Orosco, founder and president of Pacshore, said in a statement.
Granite acquired 2600 Olive in 2014, and completed more than $2.7 million in renovations. Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum represented Granite Properties.
“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,” Hannan said. “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.”
Gregory Cornfield can be reached at firstname.lastname@example.org.