Investors Find Upside in Burbank Office

The Burbank office market is having a moment. Investors are showing an increasing interest in the market, and the market is positioned for growth. Now, the Connexion Burbank, a three-building 337,904-square-foot office building in Burbank has traded hands for $123.5 million between a joint venture of Lincoln Property Co. and Angelo Gordon and Intercontinental Real Estate Group. The property is a gem at 91% occupancy and a recent $8 million renovation, plus it shows strong upside potential—but it is also another example of the growth in the Burbank market.

“Investor interest was strong on this asset,” Kevin Shannon, co-head of US capital markets at Newmark Knight Frank. “Its Downtown Burbank location offered a mini CBD feel in contrast to the Media District. The walkable amenities and smaller multi-tenant floor plates were appealing to potential buyers as well. Much of Burbank’s inventory is dominated by large tenants and many are single tenant.” Shannon, senior managing director Rob Hannan and managing directors Michael Moll and Laura Stumm represented the seller, along with Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE who served as local market leasing advisors in the sale. The buyer was self-represented.