The 95,000-square-foot asset was sold by Phoenix-based Strategic Office Partners.
The property sits on 4.4 acres at 2130 N. Hollywood Way. It was built in 1965 and renovated in 2017.
It is fully occupied by post-production, distribution and asset management company Deluxe Media Inc.
CBRE Group Inc.’s Mike Longo, Todd Tydlaska and Sean Sullivan represented the seller in the transaction while CBRE’s Greg Grant and Clayton Matsuda facilitated a loan for the buyer.
“The buyer was attracted to the property’s flexible stand-alone characteristics and abundant infrastructure, coupled with its central location within Burbank,” Longo said in a statement. “Burbank has been one of the best-performing submarkets in greater Los Angeles over the last couple years, propelled by the growth within the entertainment business and demand for streaming content.”
Media and entertainment companies are leading leasing activity in L.A. now, and Burbank is one of the areas where many are looking to put down roots.
In the second quarter of the year, the vacancy rate for office space in the Burbank market was 7.9%, far below the county average of 18.5% and the lowest of any submarket, according to data from Jones Lang LaSalle Inc.
Burbank saw asking rents of $4.20 a square foot for Class A properties, up 53 cents in a year despite the pandemic.
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