Titmouse Inc., an animation production company, has signed a 95,000-square-foot lease for an entire building at 2835 N. Naomi St. in Burbank. Brentwood-based GPI Cos. owns the building.
Terms of the Titmouse lease were not disclosed, but current asking rates in the area could put the deal at roughly $4.2 million a year.
The Burbank market has grown increasingly tight. In the fourth quarter of 2019, the vacancy rate was 11%, down from 12.5% the previous year, and the asking rate for Class A office space was $3.72 a square foot, according to data from Jones Lang LaSalle Inc.
Titmouse will open its Burbank office in two phases with the first step planned for April, and the second scheduled for October. It will also continue to have employees in its Hollywood studio.
“We are super excited for Titmouse to expand into this amazing and gigantic glass castle in Burbank!” Titmouse founder and President Chris Prynoski said in a statement. “It has such a big parking lot. Seriously, that’s the most exciting thing for me. My head exploded when I saw all of that asphalt.”
Titmouse also has locations in New York and Vancouver. The company has been expanding and recently signed a deal with Netflix Inc. to produce adult animated series. Titmouse’s credits include “Big Mouth” and “Venture Bros.”
“Signing Titmouse to a long-term lease — one of Burbank’s largest recent transactions — underscores GPI’s ability to unlock value and attract top tenants looking for quality office space in Southern California,” Michael Woods, portfolio manager at GPI, said in a statement.
GPI acquired the building at 2835 North Naomi St. in 2017 for $23 million. Entertainment Partners previously leased the building. Its lease ran out at the end of 2019. Titmouse has since started on tenant improvements at the property.
JLL’s Patrick Church and Anneke Greco represented GPI in the lease. Crosbie Gliner Schiffman Southard & Swanson’s Eoin Gubbins was GPI’s legal counsel for the lease. Colliers International Group Inc.’s Nico Vilgiate represented Titmouse.
Titmouse isn’t the only entertainment company interested in Burbank.
Los Gatos-based Netflix has leased 60,000 square feet at Burbank Studios. The streaming giant is expected to occupy the space while its Hollywood offices are being built.
Warner Bros. is also planning to expand in Burbank.
