The company, Transcription Zone, has paid $1.6 million for the facility. The three-story building is located at 4100 Burbank Blvd.
Transcription Zone is relocating from its previous 2,000-sf facility on 201 Pass Ave., also in Burbank. The company needs the extra space, as it has grown 700% over the past couple of years, according to Richard Brownstein, the firm's founder and owner.
Stacy Vierheilig-Fraser of Charles Dunn Co.'s Sherman Oaks office represented the buyer. A brokerage team of Scott Katcher and Len Nadler, of Julien J. Studley's Los Angeles office, represented the seller, Cast & Crew. The seller provides payroll and talent services to the entertainment industry.
The Tri-Cities office market, which consists of Burbank, Pasadena and Glendale, experienced a negative net absorption of 400,368 sf in the first quarter, according to a recent report published by Cushman Realty Corp. In addition, the vacancy rate jumped by 2.50% in the first quarter, pushing the Tri-Cities vacancy level up to 11.10%, the report says.
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