A partnership led by Tishman Speyer Properties Inc. has struck a deal to sell its 32-story Tower Burbank for $167 million.
Pension fund advisor Blackrock Inc. is buying the 473,000-square-foot tower for $356 a foot. The building is fully occupied with 95 percent leased to Walt Disney Co., which is locked in below-market rents until 2008.
When the lease expires, Disney is expected to exercise a five-year renewal clause. In recent years, the company has been expanding its operations in the building, located at 3900 W. Alameda Ave.
The Tishman Speyer partnership bought the building two years ago for $120 million, or nearly $254 a foot, from Beacon Capital Partners. The sale marks the third time the tower has traded hands in the last four years.
Built in 1989 just off the Ventura (134) freeway, Tower Burbank is on the edge of the Burbank Media District, which is home to a number of movie and television studios.
Meanwhile, with the sale of Tower Burbank, Tishman Speyer continues to adjust its Los Angeles portfolio. Earlier this month the New York-based company agreed to buy the 287,000-square-foot Maple Plaza in Beverly Hills for $106 million.
During the last year, Tishman Speyer paid $40 million for the 125,000-square-foot Beverly Mercedes Place in Beverly Hills, and the company shelled out $75 million for 6300 Wilshire Blvd. In 2003, Tishman Speyer sold its 1.1 million-square-foot Santa Monica office park, Colorado Center, to a partnership of Equity Office Properties Trust and TIAA-CREFF for $443.6 million.
Secured Capital Corp. had the Tower Burbank listing and represented both sides of the deal.
* The full column is available in the June 13 issue of the Los Angeles Business Journal.
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