Xebec-IDS Venture Plans $30M Office Development

The property's location at 210 S. Victory Blvd. is near the intersection of Victory Boulevard with Olive Avenue and a few blocks from the Interstate 5 Freeway, equidistant between the Media District and the airport area of the city. The Burbank Media district is one of the most popular locations in the region for entertainment industry firms and other creative endeavors, so the building "presents an outstanding opportunity for production and entertainment-related companies," Monaghan says.

Monaghan will be marketing the development for lease with Bart Pucci of Grubb & Ellis, who represented Xebec and IDS in the purchase. Greg Geraci and David Harding of CB Richard Ellis represented the seller, a private investor. Monaghan tells GlobeSt.com that the Xebec-IDS venture has a number of possibilities in mind for the creative office project.

One possibility is simply to convert the industrial building to creative office space for multitenant use, but the building is also suitable as a single-tenant site that could be customized for a specific user. Another possibility would be to raze the existing building for a build-to-suit if the right tenant is interested, Monaghan says.

"We've already had a lot of interest," Monaghan says of the site. He says the location will offer the transportation access of the Metrolink and the freeway, as well as its proximity to other entertainment companies and amenities.

Neighbors include major studios and production companies such as Nickelodeon, Warner Brothers, Disney and NBC. Downtown Burbank, which is home to Ikea, Macy's, Sports Chalet and other retail and restaurants. The Grubb & Ellis team will offer the building for immediate short-term production and filming requirements during the marketing and architectural planning for the new office project.