Newmark Capital Markets has completed the $123.5 million sale of Connexion Burbank, a three-building, urban office campus totaling 337,904 square feet in downtown Burbank.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, and Managing Directors Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Company and Angelo Gordon, along with Kent Handleman of Lincoln Property Company and Doug Marlow of CBRE who served as local market leasing advisors in the sale. The buyer, Intercontinental Real Estate Corporation, was self-represented.
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 capital renovation. The renovation and rebranding which totaled nearly $8 million, included significant 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 an abundance of walkable amenities within downtown Burbank.
“Connexion Burbank was attractive to capital because it provided newly renovated creative office product on nearly a full city block. The Connexion offers terrific optionality and additional upside by completing the interior renovation work,” said Shannon. “Burbank is also benefitting from the “Blackstone Effect” from Blackstone’s recapilitalization of Worthe’s massive Burbank portfolio. Capital expects market rents in Burbank to be pushed.”
Collectively, Connexion Burbank is 91 percent occupied by a diverse set of tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360 among others. It is located within walking distance of numerous retail amenities.
“Connexion Burbank makes up more than 50 percent of downtown Burbank’s Class A office inventory and provided a unique opportunity to acquire scale with immediate walkable access to downtown’s tremendous amenity base,” said Moll. “With the recent $60 million renovation of Burbank Town Center and several new multifamily developments in the pipeline, the area continues to improve and solidify itself as Burbank’s urban core.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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