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Empire Studios. Rendering courtesy of Avison Young
Design and production agency Thinkwell has signed a 5.5-year, 14,000-quare-foot lease at Avalon Investment Co.’s Empire Studios, a 17,000-square-foot creative office building in Burbank, Calif. Avison Young brokered the agreement on behalf of the tenant, while Colliers represented the landlord.
Following the relocation of its headquarters from LA Media Tech Center in Glassell Park, Thinkwell is poised to take over most of the space at Empire Studios. Recently acquired by TAIT Group, the firm plans to move in during the second quarter of this year.
READ ALSO: What’s Ahead for the Office Sector in 2023
Empire Studios underwent a complete renovation in 2022. The workspace was designed to encourage interaction and teamwork, while also prioritizing wellness, safety and public health measures, said Avison Young Vice President Chase Gordon in a prepared statement.
Gordon and Avison Young Principal Andrew Berk facilitated the lease signing on behalf of Thinkwell, while Colliers Senior Executive Vice President Shadd Walker and Associate Kevin Carrasco closed the deal for Avalon.
Flight to quality is here to stay
Located at 2507-2521 Empire Ave., the multi-tenant office building can accommodate companies seeking to incorporate media production into their workspace. The property features private offices, spacious stages, ample power supply and a fully equipped recording studio. An enclosed landscaped workspace of approximately 1,400 square feet is also part of the amenities. The site is also within walking distance of an array of restaurants and coffee shops.
Since the pandemic, there has been an ongoing trend of tenants seeking higher quality office space, while decreasing their footprint. The flight-to-quality phenomenon can result in older assets, particularly those that are not well-situated or maintained, being at risk of distress.
Earlier this month, Sony Pictures Entertainment signed a long-term lease for 225,239 square feet at Wilshire Courtyard, a Class A, LEED Gold-certified office campus in Los Angeles.
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