New York Life Real Estate Investors closes on the acquisition of 2300 Empire Burbank, California.
New York, June 7, 2017—New York Life Real Estate Investors announced today the purchase, on behalf of institutional investors, of a 7 story, 351,301 square foot Class A office building known as 2300 Empire. Located in Burbank’s Media North submarket, the property has an adjacent 1,334 stall parking garage and located within walking distance to a 750,000 square foot shopping center comprised of Target, Lowe’s and Nordstrom Rack and numerous dining options for tenants.
“We are pleased to have had the opportunity to purchase this high quality, well located building at a substantial discount to replacement cost. The building’s lobby will be upgraded and some collaborative outdoor seating areas will be created in the next 12 months which will further solidify the asset’s premier position in the Burbank market” said Chris Hunt, senior director at New York Life Real Estate Investors’ San Francisco office.
Lincoln Property Company will be the property manager. JLL will handle the leasing responsibilities.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $49.9 billion in assets under management as of March 31, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/9/16.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company