New JV Acquires the Tower Burbank

BURBANK, CA—A new joint venture between PCCP LLC and the Worthe Real Estate Group has acquired the Tower Burbank at 3900 W. Alameda Ave. in Burbank. The joint venture would not disclose the purchase price, however, industry sources unrelated to the deal estimate they purchased the building for $109 million.

“This was a great opportunity for us to acquire this trophy property at significantly below replacement cost,” says Ron Bonneau, VP with PCCP LLC. “Many consider Burbank to be the media capital of the world with three major studio lots located in the area.  The studios are big drivers in the market, with many companies wanting to be in close proximity to them.”