Burbank expected to OK sale of NBC lot
Burbank officials are clearing the way for one of the city’s largest developers to buy the historic 34-acre NBC Studios property.
Negotiations between NBC Universal and M. David Paul & Associates have reached the point where they have requested city approval for the pending purchase.
Terms of a deal have not been announced.
In a letter to the city, NBC’s West Coast real estate chief noted the buyer’s “deep real estate development expertise and long relationship with the city of Burbank,” and said, “We are pleased that they will acquire the NBC Main Lot.”
An NBC spokeswoman said Wednesday that no final agreement had been reached.
But in what is considered a necessary final step, both sides have asked the Burbank City Council to bless the transfer of development rights at the legendary studios at 3000 W. Alameda Ave. The council is expected to approve the transfer Tuesday.
The entertainment company announced Oct. 11 that it would sell its Burbank property as part of a plan to move NBC operations to a nearby location in Los Angeles across the street from Universal Studios. The Times reported at the time that M. David Paul was the likely buyer. Santa Monica-based M. David Paul is one of Burbank’s largest commercial developers and has built or acquired 2.3 million square feet of buildings in the city. Most of them are office complexes serving the entertainment industry.
One of the developer’s executives did not respond to requests for comment Wednesday. The company’s attorney said in a letter to the city that its financial partner Stockbridge Real Estate Funds would set aside $190 million to support the studio acquisition. The developer would be responsible for construction, leasing and managing the property.
The developer has not revealed plans for expansion but could add as much as 900,000 square feet of offices, or 1.3 million square feet of studio space, NBC said. The city has already designated the site for use by the entertainment industry.
New buildings could include office towers, soundstages, studios or even warehouses.