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BURBANK, CA-The Dallas-based Behringer Harvard REIT has acquired the 115,130-sf Buena Vista Plaza office project and a four-level underground parking facility at 2411 W. Olive Ave. in the city’s Media District from Ryanco Partners Ltd. No. X for just under $33 million. The purchase of the seven-story office building, which was completed in 1991 and is 100% occupied, is the REIT’s sixth acquisition in the Los Angeles area.

The property appealed to the buyer because Buena Vista Plaza is “a core asset in one of the top performing submarkets in Los Angeles County,” according to Robert Behringer, the chairman and CEO of Behringer Harvard. The Burbank Media District has been one of the best performing office submarkets in Los Angeles County for some time. Seller Ryanco was represented by Jones Lang LaSalle’s Michel Seifer and Royce Hudson.

The latest reports from major brokerages show vacancy rates of between 8% and 9% in Burbank, compared with a Los Angeles County average of between 11% and 12% at the end of the second quarter. Average asking rates for office space stood at nearly $2.50 per sf in Burbank at the end of the quarter, compared with less than $2.20 per sf on average countywide.

Behringer Harvard’s other L.A. area assets include properties in El Segundo, Long Beach and Diamond Bar. Its holdings include properties in Atlanta, Baltimore, Denver, Houston, Minneapolis, St. Louis, St. Paul and Washington.

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