Monday, February 4, 2013

Disney moving out of Burbank's Alameda office tower - LA Biz ...

The Mouse House will relocate its people to the Burbank studio lot and to various properties in Glendale. The move will be complete by the time Disney's lease is up at the end of next March, reports the Business Journal. For the Burbank office market, it's a major deal because 470,000 square feet of space will become available. That could bump the Burbank vacancy rate to 20 percent from 14 percent a year earlier. Disney has been in the midst of several office relocations and consolidations.

Andrew Raines, founding partner at real estate law firm Raines Feldman LLP in Beverly Hills, said companies can better control their occupancy costs by moving into owned real estate. It can also avoid rental rate increases, a likely scenario if Disney were to renew at Alameda Tower. And creative companies like to consolidate employees in campus environments as a way to project company identity and foster collaboration between divisions. "The bottom line is (costs are) more within their control, and there are efficiencies and intangible qualities of companies and departments being together on a campus setting or studio lot setting that facilitate collaboration," Raines said. "That's why Google and Apple have campuses and that's a material part of creative businesses reinforcing their brands."


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