Terms of the lease were not disclosed, but real estate industry sources pegged the value of the deal at $121 million.
The six-story Pinnacle is now about 60% leased, principal Jeff Worthe of the Santa Monica-based Paul company tells GlobeSt.com. He notes the company has signed 275,000 sf of leases in Burbank in the last week. The deals included the Warner lease as well as a 53,000-sf deal with Technicolor at Paul's Media Studios North development on Hollywood Way near the Burbank Airport, and an 18,000-sf transaction with NBC at the Pinnacle.
Worthe says Warner's new space at the Pinnacle will consolidate offices from about eight Los Angeles are locations. Warner was represented by Jim Travers and George Katunich of Travers Realty, along with Blake Messinger of Warner. Carl Muhlstein of Cushman & Wakefield represented M. David Paul.
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