BURBANK, CA—Worthe Real Estate Group has soldtwo trophy office properties in Burbank's MediaDistrict in two separate transactions totaling $48 million,illustrating a strong demand for quality office properties in themarket. The properties to trade hands are 4444 Lakeside Drive,which Hayman Advisors purchased for $18 million,and 3300 Riverside Drive, which an unnamed buyer purchased for $30million, at a 5.5% cap rate.

“Both of these buildings show a desire for investors to buytrophy assets in great locations,” Bob Safai, abroker at Madison Partners, tells GlobeSt.com.“The market can go up and down, but the entertainment businesskeeps us smiling throughout the ups and downs. These are bothreally good entertainment companies, so these transactions say alot not just about real estate but about the future of theentertainment business.” Safai represented the seller in bothtransactions along with his Madison Partners' colleaguesMatt Case and BradSchlaak.

The 4444 Lakeside Drive property is a 37,302-square-footthree-story office building. It was originally built in 1984 forthe Disney Family's private investment firmShamrock Investments, which occupied the propertyfor 30 years. The property is currently 100% occupied byWarner Bros. Entertainment. “We had a half-dozenqualified buyers who were closely knit together in pricing,” saysSafai. “We ultimately went with an exchange buyer, who liked themarket, Warner Bros. and the building because it is a very unique,cool building.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.