Clear Channel Signs 95,000-Square-Foot Lease at The Pinnacle; Transaction Among the Largest Leases in Los Angeles County in 2002.Business Editors BURBANK, Calif.--(BUSINESS WIRE)--Jan. 27, 2003 M. David Paul Development, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is pleased to announce that Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. (NYSE NYSE See: New York Stock Exchange :CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there ) has signed a 12-year, nine-month lease for 95,000 square feet in its newest project, The Pinnacle, a 4.4-acre office campus located at 3400 Olive Avenue in the heart of the Burbank Media District. The new lease consolidates eight of Clear Channel's radio stations into a single location with additional build out capability for future expansion. The transaction also represents one of Los Angeles' largest leases in 2002. "We are pleased to have Clear Channel Communications, one of the world's leading media conglomerates, join The Pinnacle's growing roster of prominent tenants, including Warner Music Group Warner Music Group (WMG) is one of the four major record labels. Warner Music Group also has a publishing arm, Warner/Chappell Music, which dates back to 1929, when Jack Warner, president of Warner Bros. Pictures Inc. and NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Enterprises. This move continues to position the Burbank Media District as a leading Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, business community," said Jeffrey M. Worthe, Principal, M. David Paul Development, LLC, owner of The Pinnacle. Michelle McDonald of Liberty-Greenfield who specializes in Broadcast media services in conjunction with Christopher Cooper and Sherie Yearton of Tenant Representation for Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. represented Clear Channel in the transaction as part of a long-term strategy they developed to create optimal efficiency among Clear Channel's Los Angeles-based broadcast operations. Carl Muhlstein of Cushman & Wakefield represented the landlord M. David Paul Development. The first phase at The Pinnacle, located at 3400 Olive Avenue in Burbank, consists of a six-story, 395,000 square foot building, completed July 2002. Warner Music Group and its subsidiaries have leased 195,000 square feet at The Pinnacle bringing occupancy at the property to 85 percent. Recent restaurants to open at the property are Arnie Morton's of Chicago and Prego Ristorante. Pre-leasing has also begun at Phase II at The Pinnacle, a six-story, 235,000-square-foot building. About Clear Channel Worldwide Clear Channel Worldwide, headquartered in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , TX, is a global leader in the out-of-home advertising Out-of-home advertising (also referred to as OOH) is essentially all type of advertising that reaches the consumer while he or she is outside the home. This is in contrast to broadcast, print, or internet advertising, which may be delivered to viewers out-of-home (e.g. industry with radio and television stations, outdoor displays, and entertainment venues in 66 countries around the world. Including announced transactions, Clear Channel operates approximately 1,225 radio and 37 television stations in the United States and has equity interests in over 240 radio stations internationally. Clear Channel also operates approximately 776,000 outdoor advertising displays, including billboards, street furniture and transit panels around the world. Clear Channel Entertainment is a leading promoter, producer and marketer of live entertainment events and also owns leading athlete management and marketing companies. About M. David Paul Development, LLC M. David Paul Development, LLC is a real estate development company based in Los Angeles, California. The firm, and its related companies, has been responsible for the development of approximately 2,500,000 square feet of new construction and over 1,000,000 square feet of renovation construction since its inception in 1967. About Liberty-Greenfield Liberty-Greenfield represents corporate clients in the planning, financial design, process management and brokerage of complex real estate transactions. Specializing in strategic real estate projects -- where size, function and complexity affect a company's overall costs, operating efficiency, flexibility and risk profile -- Liberty-Greenfield's value is in linking our clients' real estate decisions to their business strategies. For more information, visit www.libertygreenfield.com. About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL JLL Jones Lang LaSalle (real estate service and investment management firm) JLL Junior League of London JLL Junior League of Louisville JLL Joint Lessons Learned JLL Junior League of Lincoln JLL Junior League of Lynchburg ) is the world's leading real estate services and investment management firm, operating across more than 100 markets on five continents. The company provides comprehensive integrated expertise, including management services, transaction services and investment management services on a local, regional and global level to owners, occupiers and investors. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse real estate investment management firms, with more than $23 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Jones Lang LaSalle is also the industry leader in property and corporate facility management services, with a portfolio of approximately 725 million square feet (67 million square meters) under management worldwide. For more information, visit www.joneslanglasalle.com. |
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