Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BURBANK, CA-Deluxe Digital Studios Inc., a pioneer in digital technology for the movie and television industries, has signed a lease renewal for 65,235 square feet of office space at 2400 Empire Ave. in the Burbank Airport submarket of this city, according to CB Richard Ellis brokers who represented the building ownership in the transaction. The deal is the largest office renewal in Burbank this year, according to CBRE senior vice presidents Nico Vilgiate and Paul Stockwell. Vilgiate and Stockwellrepresented CBRE Investors, which owns the building on behalf of a separate account client.

Deluxe, which was represented by Roy Longman of Cresa Partners, extended its lease of two full floors for an additional six years. Deluxe was one of the original tenants in the four-story, 130,000-square-foot office building, which was built in 2005 and remains 100% leased, with State Compensation Insurance Fund as its other tenant.

Stockwell tells GlobeSt.com that Deluxe’s original lease was expiring at the end of this year. In addition to the 65,000 square feet on the top two floors that was renewed, Deluxe has an additional 13,000 square feet on the ground floor that runs for a few more years. The 2400 Empire Ave. building that Deluxe occupies is part of a two-building project called Burbank Empire Center. The other Empire Center building, at 2350 Empire Ave., is three stories and 100,000 square feet and is 100% leased to Allianz Insurance.

Terms of the Deluxe lease were not disclosed. The average asking rent in Burbank for existing buildings is about $3.02 per square foot per month, not counting two large brand-new buildings, according to CBRE Marketview for the second quarter of this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.