Viacom International Inc. has renewed the lease of the Nickelodeon animation headquarters in Burbank. The five-year deal for 72,232 square feet of space is valued at over $12 million.


Nickelodeon will continue to occupy two low-rise office buildings on the 2.4-acre office campus at 231 N. Olive Ave. The campus was built in 1997 by landlord Accord Interests LLC.


Burbank is the tightest office market of the three Tri Cities, with a 3.6 percent vacancy rate in the fourth quarter, according to Grubb & Ellis Co. "It's a very strong market," said Frank Buckley of Ramsey-Shilling Commercial Real Estate Services Inc., who represented Accord.


Accord also was represented by Mark Evanoff of Ramsey-Shilling. Viacom was represented by Brad Feld of Madison Partners.


For reprint and licensing requests for this article, CLICK HERE.