Overton Moore Properties (“OMP”) commenced construction today on Avion Burbank with a ground-breaking ceremony for the largest infill development project developed during the past 20 years in San Fernando Valley.
When completed, the mixed-use business park will include 18 buildings representing 1.25 million square feet of creative industrial, creative office, and retail space along with a 150-room hotel. The project is a joint venture between OMP and Invesco Real Estate. OMP purchased the property in 2016 from the Burbank-Glendale-Pasadena Airport Authority and received project approval from the Burbank City Council earlier this year.
Located on 60 acres at the intersection of Hollywood Way and San Fernando Road, Avion Burbank is surrounded by multiple transit opportunities, including a Metrolink stop, Burbank Hollywood Airport, multiple bus lines, and excellent freeway access. The project will be LEED Certified SILVER Core and Shell, providing opportunities for users and their employees to be in an amenity-rich environment that includes multi-purpose walk paths, indoor/outdoor meeting areas, bike share stations, retail establishments, and a boutique hotel. The project will install 115 Level 2 EV chargers and prewire and has the room to add 62 parking stalls and truck loading docks for future EV chargers.
“Avion Burbank will offer users a unique environment that incorporates state-of-the-art buildings situated in an interactive work-life environment,” said Timur Tecimer, Chief Executive Officer of Overton Moore Properties. “This innovative campus will also boast multiple outdoor amenities that will assist companies in recruiting and retaining the best talent.”
Brokers are expecting that Avion Burbank will be a popular destination as the mixed-use project will fill a unique niche in the Southern California marketplace.
“The market is really hungry for this type of smart, integrated facility solution,” said Matt Hargrove, Vice Chairman of CBRE. “There is an unprecedented demand for Class A industrial space driven by large entertainment and content firms and their supply chains. The creative office product which is for sale or lease will provide owner-users with a unique opportunity to create a design-to-suit office experience all within a multi-modal master planned setting. With its scale and variety, we see a huge opportunity for Avion Burbank to be a location of choice for users looking for a unique environment—all in a single location.”