Burbank Media District Lease Rates are on the Rise

Los Angeles Business Journal

August 27th, 2007 

New York City-based Capgemini U.S., a subsidiary of Paris-based consulting firm Capgemini, has signed a lease at 3500 W. Olive Ave. in Burbank's media district.The deal for 5,678 square feet of space at the office building closed on Aug. 15. The five- year deal with landlord M. David Paul & Associates is valued at $1.45 million, or $4.26 per foot per month.

The firm, which already has offices in downtown Los Angeles and El Segundo also plans to open another office in Irvine. The company will move into its new Burbank digs Dec. 1. They are opening this office to service the entertainment portion of their consulting business, which is a rapidly expanding area for them," said Jonathan Larsen of Transwestern.

The deal comes in at the high side for the Burbank market. Average monthly per-foot-asking rent in the Tri-Cities was $3.07 in the second quarter, according to Grubb & Ellis Co. data. It was a pretty high rate," said Larsen, who represented the tenant. "They wanted to be in the media district, the wanted to be close to Warner Bros. and Disney and other entertainment clients."

David Paul & Associates was represented in house by Phil Lindholm and the tenant was also represented by Suzanne Lee of Transwestern.