BURBANK, CA-Market fundamentals in the Burbank Media District have recently improved, giving the Pointe trophy office property owners boosted leasing confidence. In an earlier story, GlobeSt.com reported that the 480,000-square-foot office building secured a $220 million refinancing loan. According to Mesa West principal Ronnie Gul, who secured the loan, the borrowers plan to apply to funds to tenant improvement and leasing costs.

In the past 12 months, the property has leased 200,000 square feet of space, bringing the building's occupancy to 69%. The property owners expect to lease out the remaining space this year due to recently decreasing vacancy rates.

“The vacancy in the market in Burbank is concentrated in three primary assets: the Tower, which Disney vacated recently, 10 Universal City Plaza and the Pointe,” Gul tells GlobeSt.com. He goes on to point out that 10 Universal City Plaza was just purchased by Comcast who plans to occupy the building.

The recent building purchase leaves the Tower and the Pointe, which have very different rental rates and target different clients. “The property sits between the Warner Brothers Studio, the Disney Studio and the Burbank Studio, which used to be the NBC Studio,” says Gul. “The floor plates are designed to attract those larger tenants who are looking for more efficient space. This property is that it caters to the natural tenant demand of the market, which is medium to larger sized, media-related businesses.”