Three high-profile Burbank buildings with tenants that include Cartoon Network, Turner Broadcasting and MTV Networks have been put on the market for $90 million by their Beverly Hills owner.
Kennedy-Wilson Properties Ltd. is listing 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. – which total 326,000 square feet within a single, 2-acre block, according to sources knowledgeable of the deal.
Kennedy-Wilson, a publicly traded property investor and manager with a global portfolio, acquired the buildings from Arden Realty Inc. in Los Angeles for $95.1 million in March 2008.
The portfolio consists of Burbank Executive Plaza at 300 E. Magnolia, with about 63,000 square feet; Glenoaks Plaza, a 180,000-square-foot building at 303 N. Glenoaks Blvd.; and 333 N. Glenoaks Blvd., with 84,000 square feet of office space.
Glenoaks Plaza is 87 percent leased to tenants that include Cartoon Network and Turner Broadcasting System Inc. Burbank Executive Plaza, is 95 percent leased, with MTV Networks as the major tenant. At 333 N. Glenoaks, 63 percent of the building is occupied.
Officials at Kennedy-Wilson did not return phone calls seeking comment.
But a broker familiar with the area said he has been told that the properties are on the market with CBRE Group in Los Angeles as the listing broker.
“These assets don’t fit (Kennedy-Wilson’s) business profile. They will be more appropriate in the hands of a yield buyer,” the broker said. “The buildings are well-leased with a variety of tenants. It’s a perfect REIT play.”
CBRE did not return calls for comment.