BURBANK, CA-GlobeSt.com exclusively learns that Visual Data Media Services has completed its 30,276-square-foot acquisition of 610 N. Hollywood Way here for $5.76 million. The new office space serves as the headquarters for the company, who will be relocating from a 14,688-square-foot building, which has a list price of $4.695 million.

Jones Lang LaSalle Los Angeles team members Corey L. Spound and Brad Wilson represented Visual Data Media Services in its acquisition. The seller, 610 FTB LLC, was represented by Chris Baer and John Tronson of Avison Young. Mark Schillinger of George Smith Partners arranged the financing.

“After an extensive search and scenario modelling, Visual Data selected this building due to its excellent location, intrinsic value, size—which suited their current and future growth needs—and overall occupancy cost given current capital market opportunities,” Spound explains. “Our client intends to further capitalize the property significantly, which will add to the value of the asset for its intended use and as a real estate investment.”

Spound tells GlobeSt.com that Burbank is a dynamic market. “Beyond the real estate demands of the core entertainment industry, the city offers some of the best economic and quality of life amenities of any city in Southern California,” he says. “Highly improved technical space, quality creative space and newer class-A space all command a premium from a rental and valuation standpoint.”

The acquisition of 610 N. Hollywood Way is significant due to the pricing of the asset upon acquisition, as well as the valuation of the asset following the capital and tenant-specific improvements. “Tenants, investors and lenders all acknowledge the value of the Burbank Premium Space,” he says. “It is also noteworthy in that there are only so many entertainment-related companies that have the business case and the capital to expand in the past few years, and to re-invest in Burbank for such expansion.”