A two-property office building portfolio off the 5 Freeway in Burbank has traded hands for more than $80 million. The buildings, at 2400 and 2350 Empire Ave., total nearly 230,000 square feet and are fully leased. The portfolio was purchased by UBS Realty Investors LLC of Hartford, Conn. from CBRE Global Investors Ltd. of Los Angeles, according to Eastdil Secured LLC of Los Angeles, which was the broker on the deal. The 2350 Empire address comprises 99,000 square feet and sold for $34 million, or about $345 a square foot. The 2400 Empire building consists of nearly 131,000 square feet and sold for $46 million, or roughly $353 a foot. The transaction closed Aug. 6. Deluxe Digital Studios LLC, a post-production service owned by Deluxe Entertainment Services Group Inc., occupies more than half the total space in the two buildings. Allianz Insurance and Fireman’s Fund Insurance Co. are also major tenants. The 18-acre office park was developed in 2002 by Menlo Equities of Palo Alto as part of the 103-acre Burbank Empire Center. The property, which once housed aerospace giant Lockheed Martin Corp., now includes 1.4 million square feet of retail and hotel space as well as the two office buildings. CBRE bought the two buildings in 2005 from Menlo Equities for an undisclosed amount.
