Nearly a month after Bisnow first reported the deal, Lincoln Property has announced its acquisition of a three-building Burbank office portfolio, along with plans to reposition the properties.
Lincoln EVP David Binswanger (snapped speaking at a Bisnow event last year) says the firm plans to transform the Burbank Collection into a campus for tech, media and entertainment companies. No price was announced, but Bisnow reported the deal likely got done around $85M, which represents a loss for seller Kennedy Wilson, which picked up the buildings from Arden for $95M in March 2008, but our source says the deal is roughly at book value.
The offices at 303 N Glenoaks Blvd (above), 333 N Glenoaks Blvd (below) and 300 E Magnolia Blvd total about 326k SF in Burbank's Media District. The offices have some high-profile tenants, including Cartoon Network, Turner Broadcasting System and MTV Networks. The buildings comprise nearly a full city block and represents roughly half of the city’s 740k SF of Class-A office inventory.
Among the upgrades is converting an unfinished loading alley bisecting the site into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Lincoln was repped by CBRE, and the brokerage is handling the listing.
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