Burbank, Calif. – Jones Lang LaSalle today announced it has completed the sale of a four-story, 34,153-square-foot office building located at 2727 W. Alameda Ave. in Burbank to a locally-based private investor. The sale comes days after JLL completed lease renewals with the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System.
Jones Lang LaSalle’s Los Angeles team of Corey Spound and Dean Hawthorne represented the seller, GLC Enterprises, as well as the buyer.
“Jones Lang LaSalle was able to secure a premium price from the right buyer after stabilizing the asset for the future,” said Hawthorne. “The Burbank office leasing market remains flat with sluggish rent growth. The city will continue to be attractive to companies looking to escape the high rents of West Los Angeles, as well as those who wish to capitalize on the benefits the City of Burbank has to offer.”
2727 W. Alameda Ave. is ideally located in the heart of the media district just minutes from the 134 freeway, providing convenient access to multiple Southerncommunities. The building offers creative floor plan with outdoor patios, open areas, perimeter offices, conference rooms, kitchens and floor to ceiling windows with excellent views.
Jones Lang LaSalle (NYSE:JLL) is a professional services andmanagement firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.