{"id":1004050252,"date":"2012-11-16T08:38:57","date_gmt":"2012-11-16T16:38:57","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=80830"},"modified":"2022-12-03T17:28:59","modified_gmt":"2022-12-04T01:28:59","slug":"new-joint-venture-to-acquire-burbank-media-district-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/","title":{"rendered":"New Joint Venture to Acquire Burbank Media District Office Campus"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates\/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP\/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.<\/p>\n

The Pinnacle is a Class A office property offering 625,640 square feet of office space divided between the two buildings that comprise it. Its Burbank location means that it is in the immediate vicinity of major movie-making centers such as the Warner Bros. Studios and Burbank Studios, as well as just a couple of blocks away from Walt Disney Studios. Therefore, the 4.3 acre lot on which The Pinnacle was built presents potential movie industry tenants with prime real estate in a film-centric community.<\/p>\n

The acquisition deal for Pinnacle \"\"<\/a>I closed on November 8 for a fee of $212.5 million\u2014$129 million was obtained via a new ten-year project loan. Additionally, Hudson paid $83.9 million for about 98 percent of the joint venture. Its contribution to the entity was divided between $38 million drawn on its unsecured credit facility and available cash on hand.<\/p>\n

Pinnacle II is currently 100 percent owned by MDP\/Worthe, and the company has agreed to submit the property to the joint venture for an acquisition price of $130 million, payable until the end of Q1 of 2013. Financial terms for the Pinnacle II include the assumption of an $89.6 million loan. Hudson Pacific will contribute funds for closing costs or prorations, with no additional capital contributions committed to the deal. However, as a press statement noted, Hudson\u2019s ownership interest in the Pinnacle I property would be adjusted to reflect MDP\/Worthe\u2019s contribution to the JV.<\/p>\n

Once the transaction is completed, the\"\"<\/a> newly formed joint venture will control the entire media-oriented office campus that currently boasts an occupancy rate of 95 percent. The Pinnacle\u2019s buildings boast an impressive tenant roster including names such as Warner Bros. Entertainment, NBC Universal, Sony and Clear Channel Communications. Given the fact that it is heavily entrenched in the movie industry, the property is sure to provide its new owners with a solid cash flow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates\/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP\/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.<\/p>\n","protected":false},"author":237,"featured_media":1004506424,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[1815],"class_list":["post-1004050252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-los-angeles","category-latest","tag-national"],"acf":[],"yoast_head":"\nNew Joint Venture to Acquire Burbank Media District Office Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Joint Venture to Acquire Burbank Media District Office Campus\" \/>\n<meta property=\"og:description\" content=\"Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates\/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP\/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-16T16:38:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T01:28:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/The-pinnacle-I.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/\",\"name\":\"New Joint Venture to Acquire Burbank Media District Office Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/The-pinnacle-I.jpg\",\"datePublished\":\"2012-11-16T16:38:57+00:00\",\"dateModified\":\"2022-12-04T01:28:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/The-pinnacle-I.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/The-pinnacle-I.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-joint-venture-to-acquire-burbank-media-district-office-campus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Joint Venture to Acquire Burbank Media District Office Campus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\",\"name\":\"Anca Gagiuc\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"caption\":\"Anca Gagiuc\"},\"description\":\"Anca Gagiuc brings more than a decade of experience within the real estate industry. 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