(EDITOR’S NOTE: According to a closing announcement obtained by The Registry, the property was sold for $90.5 million.)
Newmark announced the sale of 2600 Olive, a Class-A, LEED silver certified, 152,834-square foot office building in the heart of California’s Burbank Media District. Pacshore Partners, a Los Angeles-based real estate firm owned by Philip Orosco, acquired the building from Granite Properties, a commercial real estate investment, development and management company.
Newmark Co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Associate Michael Kolcum represented Granite Properties on the sale of the building.
“Granite has owned and managed 2600 Olive for seven years. During that time we’ve made significant updates to enhance the customer experience,” said Jason Purvis, Senior Managing Director, Granite Properties. “The property has benefited from the thriving entertainment industry in the Burbank Media District and growing demand for media content.”
Granite acquired 2600 Olive in 2014, and completed over $2.7 million in renovations, including the lobby, corridors and elevators, bathrooms, garage and parking, signage and building systems. Granite also installed the clean air technology, Needlepoint Bipolar Ionization, in the HVAC system.
“We have been eagerly looking to invest in the Burbank Media District office market and 2600 Olive is a great start. Granite has done a fantastic job of managing and modernizing the asset and we look forward to continuing down that path,” said Philip Orosco, Founder and President of Pacshore Partners.
The 10-story building is located on 2600 West Olive Avenue and is 97% leased. It is home to media related companies and located in close proximity of major TV and movie studios, including Warner Bros. The building features 24,000 square-foot floor plates, 13.5’ ceilings, unobstructed views, in-building parking with a 3.75/1000 parking ratio, and EV charging stations. It also has convenient access to Golden State (I-5) and Ventura (SR-134) freeways, Metrolink Amtrak stations and Bob Hope Airport.
“If anybody ever doubted the resiliency of the entertainment industry or its status as LA’s guiding light, the pandemic has erased any hesitation and Burbank is Exhibit 1-A,” said Hannan. “As the epicenter and backbone of LA’s expansive entertainment infrastructure, Burbank has benefited tremendously from the explosive growth of content providers, streaming or otherwise,” he added.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. Granite owns more than 10 million square feet of high quality office space in Dallas, Houston, Atlanta, Denver, Southern California and Nashville. Granite is an established investor, developer and manager with a focus on sustainable, high-quality projects. More than $7.7 billion in real estate transactions and more than 28 million square feet of real estate development and acquisitions have been completed by Granite. Current plans for acquisition and development projects in Atlanta, Boston, Dallas, Houston and Southern California are valued at over $1 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich in amenities, customer-centric service, and innovative wellness features. The firm has been named as one of Fortune Magazine and Great Place to Work Best Workplaces for the last nine consecutive years. For more information, visit: www.graniteprop.com.
About Pacshore Partners
Pacshore Partners is a Los Angeles based firm focused on investments in real estate equity and high-yield debt. Founded by Philip Orosco in 2012, Pacshore specializes in office and mixed-use property investments in Southern California in submarkets with particularly limited supply. Pacshore adds value through improving property operations, optimizing space and utilizing proprietary local market information.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
