CBRE Arranges 11,359-SF Lease for P3 Post in Burbank, California

CBRE has arranged an 11,359-square-foot lease for P3 Post at 2921 W. Alameda Ave., an office building in Burbank. The full-service post-production company will relocate operations into its new location May 1.

CBRE’s Derek Newton represented the tenant in the lease negotiations.

"CBRE was able to help a valued client seamlessly relocate their operations to a building better suited for growth and branding, with favorable terms for all parties,” said Newton.

The two-story property was built in 1958 and is located within the Burbank Media District, proximate to the Ventura Freeway and Interstate 5 intersection. The building features 20 offices, a conference room, a kitchen and ample storage.

According to CBRE Research, the Los Angeles office market posted an average asking lease rate of $3.85 per square foot in Q1 2023, decreasing by $0.01 from last quarter’s historic high. Despite office space being listed and vacated in high volume, asking rents remain relatively unchanged as landlords offset the historically high rates with substantial concession packages in an effort to drive leasing activity.