Colliers International has completed negotiations on two significant lease transactions in the resurgent Burbank Media District with two of the nation’s leading web-based and digital media companies. The two transactions at 4000 West Alameda Avenue represent more than 37,400 square feet and are valued together at nearly $12 million, officials have reported.
Colliers Executive Vice President Nico Vilgiate and Senior Associate Kyle Stanich with Colliers’ downtown Los Angeles office, represented the landlord, Alameda Enterprise Inc., in both transactions.
“Burbank has long been an entertainment-industry hub, but as the pendulum swings toward ever-increasing demand for Internet digital content, there is an ever-increasing demand for companies to locate near companies in the same or related industries industry due to the synergistic environment and the convenience of being near the major studios they serve,” said Vilgiate. “Due to the nature of the industry and its seemingly insatiable demand for content, entertainment and digital media companies can benefit from being in close proximity to one another.”
In the first transaction, Pixelogic Media Partners leased the high-profile ground floor offices of 4000 West Alameda for a term of approximately 10 years. The 16,683-square-foot lease includes a portion of the space formerly occupied by Santa Monica Video. It includes edit bays that will provide residual value to Pixelogic. The lease also includes a large space that will be converted into screening rooms and will have two separate entrances off the lobby and dedicated parking for their clients.
The lease, valued at $7,582,477, gives digital media Pixelogic a high-visibility location in an area with other prominent entertainment companies.
Vilgiate’s team also handled a second high-profile lease at the building with Hula Media Services, the popular content provider of web TV shows and other broadcast content, which will house post-production technology services in its new location. The media company leased 20,743 square feet – the entire sixth floor – for more than five years.
Built in 1983 and renovated in 1998, both companies now will be able to take advantage of the synergistic environment provided by the six-story building is well-positioned to take advantage of the synergistic environment surrounding it. Other amenities include secure subterranean parking, and numerous restaurants and retail outlets within walking distance. Conveniently located adjacent the Ventura Freeway, the property is located very close to Walt Disney, Warner Bros., Comcast and Burbank Studios.
Both companies decided to expand from their previous West Los Angeles locations to take advantage of opportunities for future growth the building provides, as well as the entertainment-heavy environment of the Media District, access to major movie studios like Warner Bros., Walt Disney Productions and Universal, plus support firms who have begun locating to area like Dolby, Omnicom Media Group and Lighthearted Entertainment, which also occupy space at 4000 West Alameda.