New owner for Peacock pen
Developer buys NBC's Burbank siteNBC Universal has sold its 34-acre Burbank lot to one of the largest real estate developers in Los Angeles, and the network notified employees Thursday that hundreds of them will be moving to new digs being built in Universal City.
The company said in October that it was seeking a buyer for its property at 3000 W. Alameda Ave., and it found one in M. David Paul/Worthe Real Estate Group.
The price was not disclosed, but two years ago M. David Paul Associates paid about $55 million to purchase from NBC Universal a nearby parcel that was two-thirds smaller.
According to a memo sent to employees Thursday, several units will be moving to Universal City, though probably not until 2011, when a new campus on Lankershim Boulevard is complete.
In the meantime, NBC, which has used the Burbank property for 57 years, will lease back some of the offices, soundstages and television studios.
The most noteworthy change resulting from the real estate transaction will be that "The Tonight Show" will be moved to an existing stage at Universal Studios, though not until Conan O'Brien takes over from host Jay Leno in 2009.
Thursday's memo said the groups heading to Universal are the local NBC and Telemundo stations, NBC Network News on the West Coast, "Access Hollywood," NBC Television Entertainment Group, the NBC Agency and all in-house promotional productions.
M. David Paul, a well-known developer in Burbank, is expected to adhere to a master plan that dictates the Burbank property, situated near Disney and Warner Bros., be used specifically for media purposes.