LPC Offloads $125M CA Office Campus

The recently renovated campus in central Burbank, Calif. consists of three buildings totaling nearly 350,000 square feet and two parking structures.

Lincoln Property Co. (LPC) has sold Connexion Burbank, a three-building, 337,904-square-foot Class A office campus in Burbank, Calif., to Intercontinental Real Estate Corp for $125 million. LPC recently finished extensive renovation work on the asset to transform the buildings into a walkable, connected campus. The seller acquired the property from Kennedy Wilson in May 2015 for $84.2 million, according to Yardi Matrix.

Located at 300 E. Magnolia Blvd., 303 and 333 N. Glenoaks Blvd., the one 10-story and two six-story buildings are located in downtown Burbank, within half a mile of the Golden State Freeway. The property is more than 90 percent leased to a number of tenants, including The University of Redlands, the U.S. Department of Justice, Gerencia 360 and Blackmagic Design. Constructed between 1973 and 1984, the asset was previously renovated in 2008 and 2016. Tenant parking is provided in two attached parking garages at a ratio of three spaces per 1,000 square feet.

“Now that Burbank Connexion is a cohesive campus, the property offers creative tenants a unique opportunity to join Downtown Burbank’s office market within a modern, amenity-rich space,” said Stephen Lindgren, vice president of LPC, in a prepared statement. “Not only is its central location in Burbank a selling point, but these buildings provide an unparalleled environment for companies to operate and grow in.”

Images courtesy of Yardi Matrix