$600 million sale possible for Burbank office buildings.SANTA Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. developer M. David Paul & Associates Inc. has put a 1.4-million-square-foot portfolio of Burbank office buildings on the market that could fetch upwards of $600 million. M. David Paul has put up three office properties: Media Studios North by Bob Hope Airport Bob Hope Airport (IATA: BUR, ICAO: KBUR, FAA LID: BUR) is a regional and national airport located in Burbank, California, United States. It was formerly known as United Airport (1930-1934); Union Air Terminal (1934-1940); , Central Park at Toluca Lake and the second phase of the Pinnacle office complex in the Media District. Two of the projects--the Media Studios North and Pinnacle's phase II--recently signed large leases. The properties are stabilized and fully leased. Warner Brothers Warner Brothers (b. Eichelbaums) movie executives; Harry (Morris) (1881–1958), born in Krasnashiltz, Poland; Albert (1884–1967), born in Baltimore, Md.; Samuel (1887–1927), born in Baltimore, Md. Entertainment signed a 15-year lease for the entire 230,000-square-foot Pinnacle phase II worth $100 million. And Yahoo Inc. subsidiary Overture Inc. inked a $100 million deal for two build-to-suit corporate headquarters with a cumulative 350,000 square feet at the Media Studios North. While the marketing books haven't been sent out yet, Eastdil Secured--the brokerage hired to sell the buildings--has been talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to a number of potential buyers. Eastdil Secured brokers didn't return calls seeking comment on the listing. A call to M. David Paul & Associates seeking comment on the sale also wasn't returned. Two years ago, a partnership of M. David Paul & Associates and Stockbridge Capital Partners LLP LLP - Lower Layer Protocol sold the Pinnacle phase I to German fund manager RREEF Funds LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $145 million. Stockbridge, a San Mateo-based real estate investment firm that recently bought the Hollywood Park racetrack Hollywood Park is a thoroughbred racecourse and poker cardroom located in Inglewood, California, USA, about 3 miles (5 km) from Los Angeles International Airport and next door to The Forum. History The track was opened in 1938 by the Hollywood Turf Club. in Inglewood, also has a large stake in the Pinnacle's second phase. Even though M. David Paul & Associates is selling the bulk of its completed projects, the firm will retain two substantial development sites. The company will still have a parcel at the Media Studios North site and a 9-acre parcel at Bob Hope Drive and W. Alameda Avenue that the company bought from General Electric Co. for $55 million. The M. David Paul & Associates listing was first reported in trade newsletter Real Estate Alert. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion