Burbank Civic Plaza, a Class A office building in the city’s civic center, has sold to a Chinese investment group for $22 million, or about $287 a square foot.
Creative International Investments Inc. purchased the 80,000-square-foot building at 250 E. Olive Ave. from Cusumano Real Estate Group of Burbank.
Built in 2005, the four-story building features about 14,000 square feet of ground-floor retail and underground parking. The newest addition to the downtown Burbank market, the building was about 91 percent occupied at the time of sale.
Lucy Lu, chief executive of Creative International, said the company acquired the Burbank property in an effort to gain a foothold in the L.A. media market. The company expects to use remaining space in the building as incubator space for Chinese media and entertainment companies.
“This purchase is a gateway to entering the multimedia and entertainment industry,” she said in a statement.
Tenny Tsai, a senior vice president at Cassidy Turley, represented the buyer in the deal, along with Danny Yu, Suzanne Lee and Jake Dederer of Cassidy Turley’s Asian-American Strategic Investment Advisors group. CBRE Group Inc. represented the seller.
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