BURBANK, CA-A joint venture between Stockbridge Capital Group affiliates, Worthe Real Estate Group and M. David Paul & Associates has secured a $220-million refinancing loan for the Pointe, a trophy office property in Burbank, CA. The loan includes $35 million of mezzanine debt, which was invested in Morgan Stanley Real Estate Investment.
Mesa West principal Ronnie Gul secured the loan on behalf of the borrowers. According to Gul, the property is one of the highest-quality office buildings in Southern California because it features 35,000-square-feet of floor plates. “The Pointe’s superior quality and efficient floor plates make it Burbank’s premiere asset and has resulted in approximately 200,000 square feet of leasing at the property in the last 12 months,” says Gul. “The property is backed by strong sponsorship with deep experience in the submarket providing a competitive edge in leasing the asset.”
Although the property is only 69% occupied, it has notable tenants, including Warner Brothers, Outlook Amusements, FreMantle Media, Legendary Pictures, KCET, and Fidelity. Located in the Burbank Media District, the sponsorship plans to take advantage of the location and property quality to lease the remaining space.
Burbank is driven by the entertainment industry, where several big-name production studios are based. In July, for example, Pivotal Post signed a 10-year lease for a 17,125-square-foot space at 2901 W. Alameda Ave.
We will update the story as more information becomes available.