Colliers International's Nico Vilgiate and Kyle Stanich represented building owner Alameda Enterprise Inc.
BURBANK, CA – July 1, 2017 – As if anyone needed more proof that the burgeoning Burbank Media District, long the home of such entertainment titans as Warner Bros., Walt Disney Productions, Universal Studios, NBC, The Disney Channel, and Universal Studios, among others, has begun to emerge as a preferred site for new media companies, a pair of the nation’s leading web-based and digital entertainment firms have signed lease agreements to occupy significant amounts of office and production space here after signing separate lease agreements negotiated by Colliers International.
Pixelogic Media Partners and Hula Media Services combined will occupy more than 37,400 square feet in the heart of the Media District at the 4000 Alameda Building, a six-story, glass-clad structure that anchors a portion of the District’s main east-west thoroughfare, Alameda Street. Valued together, the leases total nearly $12 million.
Colliers Executive Vice President Nico Vilgiate and Senior Associate Kyle Stanich, both based in Colliers’ downtown Los Angeles office, represented building owner Alameda Enterprise Inc., in both transactions.
In the first transaction, Pixelogic leased the ground floor offices of the high-profile building for a term of approximately 10 years. Valued at $7,582,477, the 16,683-square-foot lease includes a portion of space formerly occupied by Santa Monica Video. It includes edit bays that will provide residual value to Pixelogic, as well as a large area that will be converted into screening rooms. The firm also will have two separate entrances off the main lobby and dedicated parking for its clients.
Vilgiate’s team also handled a second high-profile lease at the building with Hula Media Services, the popular content provider of web TV shows and other broadcast content, which will house post-production technology services in the new location. Hulu leased 20,743 square feet – the entire sixth floor – for more than five years. Value of the lease was approximately $4.4 million.
Built in 1983 and renovated in 1998, the six-story building is well-positioned near the heart of the Media District and includes such amenities as secure subterranean parking, numerous restaurants, a variety of retail outlets within walking distance, and direct access to the Ventura (101) and Golden State (I-5) freeways. But its most important amenity is the synergy these firms will now share with other web-based entertainment and production companies, noted Vilgiate.
“Burbank for some 80 years has long been an entertainment-industry hub for that exact reason and as the pendulum swings toward ever-increasing demand for Internet digital content, there is that same desire the movie studios have always had to locate near others in the same, competitive industries due the synergy it creates,” he said. “Like Silicon Valley, high-tech firms find that being near others in the same or related fields allows for the exchange of ideas, intellectual intelligence and creative exchanges. They speak the same industry language and they often deal with the same movie studios, the same cable TV outlets and the same online providers of entertainment content.”
Both companies also decided to expand from their previous west Los Angeles locations to take advantage of opportunities for future expansion the building provides, as well as the entertainment-heavy environment of the Media District, access to major movie studios like Warner Bros., Walt Disney Productions and Universal, plus support firms who have begun locating to the area like Dolby, Omnicom Media Group and Lighthearted Entertainment, which also occupy space at 4000 West Alameda.
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