Owners Of Renovated Toluca Lake Building Seeking Media Tenants

TOLUCA LAKE, CA —Two local real-estate investment firms working in partnership have announced they are seeking media companies to fill office space in a recently-renovated Toluca Lake building. The companies said the building is equipped for screening and editing, and is located near Universal/Studio City.

In a release, Harbor Associates and Bascom Group said they wrapped up a $3.5 million renovation of the property at 4130 Cahuenga Boulevard last month. The companies said they already are in discussions with potential tenants for space in the 75,716-square-foot building.

"Even before the renovations were complete, we have received leasing proposals for over 35 percent of the building," said Joon Choi, principal at Harbor. "Demand for content creation has grown and production is picking up, interest in studio space and post production has been leading the charge for office leasing locally."

Choi said the building features a handful of suites ranging in size from 2,000 to 5,000 square feet. There also are multi-floor blocks geared toward larger media and entertainment companies, which include double-height ceilings, editing bays, a screening room, above standard power and private balconies with views of toward Universal City and Burbank.

Meanwhile, the building's exterior façade is conducive to signage visibility, which is good for brand exposure, especially along the highly trafficked Cahuenga Boulevard, Harbor associates said.

In the release, Harbor noted that while the COVID-19 pandemic has reduced the need for office space in many sectors, media companies - especially those in video-on-demand streaming -are thriving, and buying and leasing new properties.

In Burbank alone, Netflix has a new 171,000-square-foot space for an animation studio at Burbank Empire Center, Comcast is leasing a building at the Victory Media Campus and Disney continues to lease significant space throughout the city.

The renovation to the 4130 Cahuenga Boulevard property included: a complete exterior redesign, a new lobby and corridor upgrades, private outdoor patio seating, secured parking with a full-time attendant, a bike room and suites with polished concrete and exposed ceilings, Harbor said.

In March, the property won the "Best Office Project" Gold Award for 2020 at the San Fernando Valley Business Journal Commercial Real Estate Awards.