A 124,785-square-foot office building in Burbank known as The Link has sold for $61.5 million.

Pendulum Property Partners purchased the seven-story property at 2901 W. Alameda Ave.
 
The building has creative office space, post-production, broadcasting, screening and editing facilities.

Newmark Group Inc.’s Kevin Shannon, Ken White, Rob Hannan and Laura Stumm represented the seller, a partnership between Fortress Investment Group and Ocean West Capital Partners.
 
Newmark’s David Milestone, Brett Green and Henry Cassiday arranged acquisition financing for the property.

The Link was renovated in 2019. It has an outdoor courtyard, redesigned lobby, updated exterior and high ceilings. The property is 76% leased to five tenants, according to Newmark.

“Buoyed by persistent demand from content creation providers and synergistic post-
production servicers, the Burbank Media District’s vacancy rate has dropped to sub 4%,” Shannon said in a statement. “Investor demand for this high conviction theme mirrors the intensity of the tenant demand, making Burbank one of the hottest office submarkets in Los Angeles right now.”

The Link isn’t the only office building with ties to the entertainment industry to sell this year.

The biggest office building sale so far this year, according to data from CoStar Group Inc., was the Sony Pictures Animation Campus. Culver City-based Hackman Capital Partners and Square Mile Capital purchased the property for $165 million.

“If anybody doubted the resiliency of the entertainment industry or its status as L.A.’s guiding light, the pandemic has erased any hesitation, and Burbank is Exhibit 1-A,” Hannan said in a statement.