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BURBANK, CA-Legacy Partners Realty Fund I, an entity of the Forest City-based private investment and development company, has acquired a 10-story, 147,889-sf office building at 2600 W. Olive Ave. in the Burbank Media District from the Washington, D.C.-based CarrAmerica REIT. Legacy acquired the property, which was built in 1986 and also includes five levels of structured parking, in a transaction brokered by Grubb & Ellis and Cushman & Wakefield.The building was 35% leased at the time of sale, but the Burbank Media District is one of the tightest office submarkets in the Los Angeles region, so brokers in the deal expect it can be filled relatively quickly. “This property is the only office building in the Burbank Media District that can accommodate significant contiguous space,” says Kevin Shannon of the South Bay office of Grubb & Ellis in Torrance, one of the brokers in the deal.Shannon adds that Legacy and other prospective buyers “assumed rapid stabilization of the asset,” which has a newly renovated central lobby. In addition to Shannon, other brokers in the transaction, who represented both the buyer and the seller, included Rob Hannan of Grubb & Ellis’ South Bay office and Jim Lindvall of the firm’s North Los Angeles office, along with Brad Feld and John Winnek of Cushman & Wakefield.In addition to offering upside via leasing, according to the Grubb & Ellis brokers, the office building provides stability in the 35% of space that is leased. Of that 35%, some 92% is committed on leases running into 2014 and 2017. The sales price of $290 per sf compares with an estimated replacement cost of$348 per sf.

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