The property sold for $42.2 million.

The property sold for $42.2 million. Photo by Jay Diaz

Wonderful Co. has acquired an office building in Burbank for $42.2 million from Brentwood-based GPI Cos.

The building, located at 2835 N. Naomi St, is a three-story property with nearly 102,000 square feet and is known as Media Center North.

 
Sawtelle-based Wonderful Co. produces consumer brands such as Wonderful Pistachios, Pom Wonderful pomegranate juice and Fiji Water. The company declined to comment on the purchase.


CBRE Group Inc.’s Michael Longo, Todd Tydlaska, Sean Sullivan, Joel Frank and Natalie Bazarevitsch represented the buyer and the seller in the transaction.


GPI Cos. had acquired the building in 2017 for $23 million. It leased the building to animation production company Titmouse Inc. in early 2020.


Terms of the lease were not disclosed, but asking rents for Class A office space at the time put the value of the lease at roughly $4.2 million a year. Before the pandemic, the company had announced plans to open the building in two stages last year.
Titmouse has a deal with Netflix Inc., which also has office space in Burbank, to produce adult animated series.


Last year, Netflix signed a lease for 171,000 square feet at the Burbank Empire Center at 2300 W. Empire Ave., the largest new office lease in L.A. last year, according to CoStar Group Inc.

 
The streaming company also leases 60,000 square feet at Burbank Studios.


The Burbank office market has fared well during the pandemic. During the fourth quarter, the vacancy rate was 6.8%, compared with 11% the previous year, according to data from Jones Lang LaSalle Inc.


The city saw positive net absorption of nearly 42,000 square feet, making it one of the few markets not to see negative net absorption. This data indicates that more square feet was occupied then deserted.


Asking rents for Class A space during the quarter was $3.81, up 9 cents over the previous year, according to JLL data.

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