September 25, 2017
New York-based Blackstone is taking a majority ownership stake in Burbank Media District’s biggest office portfolio that’s valued at $1.7 billion. The six office properties total 3.3 million square feet, and were developed or bought by Santa Monica developers Jeff Worthe and M. David Paul.
Blackstone says its investment was driven by a desire to hold assets in “key cradles of content creation.” The properties are home to high-profile entertainment companies such as Warner Bros., Walt Disney Co., Sony, Fox, DC Comics and DreamWorks.
Worthe is retaining a 20% ownership stake in the roughly 90%-leased properties, with Blackstone buying out the co-owners at undisclosed prices. Four of the properties traded hands last week, and the other two are expected to close within three weeks. Worthe Real Estate Group will continue to manage the properties.
Blackstone and Worthe also owns land parcels entitled for 900,000 square feet of office development.
– Tower 32-story, 460,000-square-foot high-rise
– Central Park (250,000 square feet)
– Disney Channel Building (425,000 square feet)
– Pinnacle (625,000 square feet)
– Pointe (485,000 square feet)
– Media Studios (900,000 square feet).
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