Intercontinental Real Estate Corp. Acquires 337,904 SF Office Campus in Burbank for $123.5M
BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd.
The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements. The buildings are situated on just over three acres of land and provide direct access to downtown Burbank.
Connexion Burbank is 91 percent occupied by tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360.
Intercontinental Real Estate represented itself in this transaction. NKF’s Kevin Shannon, Rob Hannan, Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Co. and Angelo Gordon. Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE served as local market leasing advisors in the sale.