Newmark Group Inc.

11/29/2021 | Press release | Distributed by Public on 11/30/2021 17:42

Newmark Represents Granite Properties in Sale of 2600 Olive in the Burbank Media District to Pacshore Partners

Newmark Represents Granite Properties in Sale of 2600 Olive in the Burbank Media District to Pacshore Partners

November 29th, 2021 5:59pm
Contact Us
Country Afghanistan Aland Islands Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire, Saint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos Islands Colombia Comoros Cook Islands Costa Rica Croatia Cuba Curacao Cyprus Czech Republic Democratic Republic of the Congo Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macao Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Pakistan Palau Palestinian Territory Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Republic of the Congo Reunion Romania Russia Rwanda Saint Barthelemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Virgin Islands Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican Venezuela Vietnam Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe
Email Address is required

I would like to receive the latest updates from Newmark

By submitting your data through this form, you confirm that you are above the age of 18, that you have read and understood the Privacy Policy, and that you agree to the collection, use and processing of your Personal Information by Newmark & Company Real Estate, Inc. in accordance with said policy.*
Thank you for sharing your information with Newmark!

November 29, 2021 9:00 AM

Newmark[1] announced the sale of 2600 Olive, a Class-A, LEED silver certified, 152,834-square foot office building in the heart of California's Burbank Media District. Pacshore Partners, a Los Angeles-based real estate firm owned by Philip Orosco, acquired the building from Granite Properties, a commercial real estate investment, development and management company.

Newmark Co-head of U.S. Capital MarketsKevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Associate Michael Kolcum represented Granite Properties on the sale of the building.

"Granite has owned and managed 2600 Olive for seven years. During that time we've made significant updates to enhance the customer experience," said Jason Purvis, Senior Managing Director, Granite Properties. "The property has benefited from the thriving entertainment industry in the Burbank Media District and growing demand for media content."

Granite acquired 2600 Olive in 2014, and completed over $2.7 million in renovations, including the lobby, corridors and elevators, bathrooms, garage and parking, signage and building systems. Granite also installed the clean air technology, Needlepoint Bipolar Ionization, in the HVAC system.

"We have been eagerly looking to invest in the Burbank Media District office market and 2600 Olive is a great start. Granite has done a fantastic job of managing and modernizing the asset and we look forward to continuing down that path," said Philip Orosco, Founder and President of Pacshore Partners.

The 10-story building is located on 2600 West Olive Avenue and is 97% leased. It is home to media related companies and located in close proximity of major TV and movie studios, including Warner Bros. The building features 24,000 square-foot floor plates, 13.5' ceilings, unobstructed views, in-building parking with a 3.75/1000 parking ratio, and EV charging stations. It also has convenient access to Golden State (I-5) and Ventura (SR-134) freeways, Metrolink Amtrak stations and Bob Hope Airport.

"If anybody ever doubted the resiliency of the entertainment industry or its status as LA's guiding light, the pandemic has erased any hesitation and Burbank is Exhibit 1-A," said Hannan. "As the epicenter and backbone of LA's expansive entertainment infrastructure, Burbank has benefited tremendously from the explosive growth of content providers, streaming or otherwise," he added.

[1] Dba Newmark Knight Frank in California

About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. Granite owns more than 10 million square feet of high quality office space in Dallas, Houston, Atlanta, Denver, Southern California and Nashville. Granite is an established investor, developer and manager with a focus on sustainable, high-quality projects. More than $7.7 billion in real estate transactions and more than 28 million square feet of real estate development and acquisitions have been completed by Granite. Current plans for acquisition and development projects in Atlanta, Boston, Dallas, Houston and Southern California are valued at over $1 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich in amenities, customer-centric service, and innovative wellness features. The firm has been named as one of Fortune Magazine and Great Place to Work Best Workplaces for the last nine consecutive years. For more information, visit:

About Pacshore Partners
Pacshore Partners is a Los Angeles based firm focused on investments in real estate equity and high-yield debt. Founded by Philip Orosco in 2012, Pacshore specializes in office and mixed-use property investments in Southern California in submarkets with particularly limited supply. Pacshore adds value through improving property operations, optimizing space and utilizing proprietary local market information.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.