iHeart Radio Leases Beautiful Downtown Burbank Studios

The Burbank Studios

Clear Channel's Internet-radio division, iHeartRadio, has signed on for 20,000 square feet in The Burbank Studios on a 10-year lease reportedly worth between $5 million and $7 million, according to the property's owner.

According to the Burbank Leader, the space is in the same building on Alameda Avenue that currently houses "The Tonight Show with Jay Leno" and NBCUniversal's news operations, both of which are expected to move out within the next 14 months.

iHeartRadio, which is based in New York City, has not announced what it plans to use the space for.

An Internet-radio platform, iHeartRadio functions as a radio network that combines content from more than 800 Clear Channel stations across the country and broadcasts it online.

Clear Channel spokeswoman Angel Aristone said the company wasn't releasing information about the lease.

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