Comcast Sublets Office and Studio Space in LA
The Switch production company is taking over a 66,700-square-foot property on the Glendale-Burbank border.
By Greg Cornfield July 5, 2023 5:40 pm
reprints
Comcast has secured a sublease tenant for a recently renovated 66,700-square-foot office and studio property on the Glendale-Burbank border in Los Angeles County.
New York-based The Switch, a production services company recently acquired by Tata Group, is relocating from Worthe’s The Pointe campus to take over Comcast’s e-sports property at 1840 Victory Boulevard. Savills reported the relocation lease in its second quarter report released Wednesday.
The property is fully leased through February 2032 to Comcast Spectacor, a subsidiary that manages a portfolio of sports and entertainment venues and franchises, and the tenant was also expected to invest more than $12 million total on improvements, according to previous reporting. It features two soundstages, two production studios and office space.
Comcast put more than 500,000 square feet of office space on the market for sublease nationwide, including the property on Victory Boulevard, in October 2022, according to media reports. A source told Commercial Observer the building also housed Comcast’s rebooted G4 video game television network channel, which shut down in November 2022.
Landlord Nuveen, part of New York-based TIAA, acquired the property for $45.1 million in 2021, property records show. It’s in one of the top media markets in the county, near companies such as Disney, Netflix and Warner Brothers.
Available sublease space in Greater L.A. increased again in the second quarter this year to 10.8 million square feet, according to Savills’s report released Wednesday. It’s up 400,000 square feet over the previous quarter and it jumped 20 percent compared to the second quarter of 2022.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
