Media District Shows Strong Fundamentals

BURBANK, CA-Market fundamentals in the Burbank Media District have recently improved, giving the Pointe trophy office property owners boosted leasing confidence. In an earlier story, GlobeSt.com reported that the 480,000-square-foot office building secured a $220 million refinancing loan. According to Mesa West principal Ronnie Gul, who secured the loan, the borrowers plan to apply to funds to tenant improvement and leasing costs.

In the past 12 months, the property has leased 200,000 square feet of space, bringing the building’s occupancy to 69%. The property owners expect to lease out the remaining space this year due to recently decreasing vacancy rates.