Avison Young completes $2.05 million acquisition of a creative office/production facility in Burbank, CASeptember 24, 2020
Los Angeles, CA – Avison Young announced today it has completed the $2.05 million acquisition of a 2,475 square-foot creative office/production facility property located at 3809 West Burbank Boulevard in Burbank, CA. The state-of-the-art production studio features sound proofing for zero sound transfer, eight post-production rooms, and four offices. It is proximate to the Burbank Media District and the 170 Freeway.
Avison Young’s Blake Olson, a Senior Vice President out of the firm’s Los Angeles office, represented the buyer, Allan Falk. Falk will use the property for his post-production business, in addition to leasing out the property’s editing/post-production rooms as there is a high demand for them in the local market.
The seller, Beaven Enterprises, was represented by Tay Hasselhoff of Compass. The seller executed a full renovation of the asset in 2018, transforming it into a high-end boutique music production facility that leased out individual rooms to several media/production users.
“Burbank has been growing in popularity in recent years as a more economical L.A.-area submarket for production and media companies as compared to surrounding submarkets,” said Olson.
He added, “My client’s production business’ headquarters is in Culver City and we conducted an extensive search for a satellite location in order to keep up with the growing demand for Allan’s client base near the large studios in Burbank. This property was a perfect fit, and provided high-end finishes with minimal capital expenditure. This asset will not only better serve Allan’s clients, but provide an additional operational efficiency for his talented employees that live in the valley.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224