Colliers EVP Nico Vilgiate (here atop Jupiter Peak in Park City) tells Bisnow Lion Real Estate Group just picked up the 23k SF building at 40 E Verdugo in Burbank and plans to convert the whole building to creative space. Lion bought the building for $6M from Credit Managers Association, which plans to vacate in the next few months. Nico says the property will be repositioned for occupancy in Q1 next year and asking rent is set at $2.50/SF NNN. The seller was repped by Stevenson Commercial's Mark Miller.
Lion Real Estate managing principals Jeff Weller and Mory Barak tell us the property was a rare chance to acquire an old building with all the attributes creative tenants are seeking, such as brick construction, high ceilings and easy to access surface parking. Lion has converted 130k SF of warehouse space into creative office in Downtown LA (the arts district) and attracted tenants such as Hyperloop and Better Life Organics.
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