Empire Studios. Rendering courtesy of Avison Younger
Design and manufacturing company Thinkwell has signed a 5.5-year, 14,000-quare-foot lease at Avalon Funding Co.’s Empire Studios, a 17,000-square-foot artistic workplace constructing in Burbank, Calif. Avison Younger brokered the settlement on behalf of the tenant, whereas Colliers represented the owner.
Following the relocation of its headquarters from LA Media Tech Heart in Glassell Park, Thinkwell is poised to take over a lot of the house at Empire Studios. Just lately acquired by TAIT Group, the agency plans to maneuver in through the second quarter of this yr.
READ ALSO: What’s Forward for the Workplace Sector in 2023
Empire Studios underwent a whole renovation in 2022. The workspace was designed to encourage interplay and teamwork, whereas additionally prioritizing wellness, security and public well being measures, mentioned Avison Younger Vice President Chase Gordon in a ready assertion.
Gordon and Avison Younger Principal Andrew Berk facilitated the lease signing on behalf of Thinkwell, whereas Colliers Senior Govt Vice President Shadd Walker and Affiliate Kevin Carrasco closed the deal for Avalon.
Flight to high quality is right here to remain
Situated at 2507-2521 Empire Ave., the multi-tenant workplace constructing can accommodate corporations in search of to include media manufacturing into their workspace. The property options non-public workplaces, spacious phases, ample energy provide and a completely outfitted recording studio. An enclosed landscaped workspace of roughly 1,400 sq. toes can also be a part of the facilities. The location can also be inside strolling distance of an array of eating places and low retailers.
For the reason that pandemic, there was an ongoing pattern of tenants in search of greater high quality workplace house, whereas reducing their footprint. The flight-to-quality phenomenon can lead to older property, notably these that aren’t well-situated or maintained, being prone to misery.
Earlier this month, Sony Footage Leisure signed a long-term lease for 225,239 sq. toes at Wilshire Courtyard, a Class A, LEED Gold-certified workplace campus in Los Angeles.
