Lincoln Property Company Selected as Property Manager for 2300 Empire Avenue in Burbank
August 10, 2017 --
Class A office building in the heart of Burbank recently purchased by New York Life Real Estate Investors on behalf of its client
BURBANK, Calif.--(BUSINESS WIRE)--Lincoln Property Company, a leading national real estate firm with expertise in West Coast markets, has been selected as the property manager of 2300 Empire Avenue, a trophy Class A office tower encompassing more than 350,000 square-feet in Burbank. The property was acquired in June by New York Life Real Estate Investors on behalf of its client, who handpicked Lincoln to serve as the property manager following their role as a close advisor providing strategic counsel to New York Life Real Estate Investors throughout the acquisition process.
Lincoln will take the lead in executing planned renovations including upgrades to the lobby and common areas throughout the property. A new outdoor recreation space for tenants is also in development.
The 7-story building already houses industry-leading tenants including Cast & Crew, a payroll and management consulting firm that services the entertainment industry; Performance Designed Products, a leading video game accessory company; and Critical Content, an independent content studio behind successful shows including MTVs Cat Fish, the Food Networks The Great Food Truck Race, and Esquires Joyride.
?Burbank is an exciting and dynamic market with an increasing demand for office space fit to accommodate creative companies currently outgrowing more crowded markets, said Rob Kane, Executive Vice President of Lincoln Property Company. ?Were excited to execute our joint vision with New York Life Real Estate Investors client to solidify the Class A status of this premier asset.
The building has easy access to the 5, 170, and 134 Freeways, as well as Burbanks Bob Hope Airport and Burbanks Downtown Metro station. The property is also directly adjacent to the expansive Empire Center a 750,000 square-foot retail center with shopping, food, and beverage offerings including Target, Walmart, and Mens Warehouse, as well as Outback Steakhouse and Sharkys Woodfired Mexican Grill.
Lincolns Western unit, known as LPC West, currently manages approximately 25 million square feet of space in the region. LPC West is also an expert in acquisitions, development, and repositioning of existing commercial, retail, and mixed-use properties. In 2015, Lincoln acquired the Burbank Collection, a campus of three office buildings encompassing nearly a full city block in Burbanks downtown area, and completed a full renovation to transform the property into a walkable, cohesive campus.
?Lincoln Property Company leads the industry in property management, and has extensive experience repositioning properties to attract entertainment and media companies in the L.A.-area, said Chris Hunt, Senior Director of New York Life Real Estate Investors. ?We look forward to working closely together to enhance this property and make it an even more prominent building within the regional office market.
The building is represented by the leasing team of Patrick Church and Anneke Greco of JLL.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincolns cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.3 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
For Lincoln Property Company
Molly Hogin, (310) 974-6693