April 16, 2019 Comments (0) Views: 1019 California News, Properties, Top California

Warner Bros. Cuts $1B Deal for Burbank Studios, Tower, Ranch Lot

Warner Bros. is expanding its footprint in Burbank via the acquision of the Burbank Studios and lease of a two-building office development slated for completion 2023. The multi-phased project has an estimated combined value of more than $1 billion.

Jeff Worthe and Stockbridge Real Estate Fund are selling the Burbank Studios asset, though they plan to keep roughly seven acres to build the towers for Warner Bros. The new space encompasses an 800,000-square-foot complex encompassing a seven-story building and a nine-story structure. Construction of the Frank Gehry-designed projects are expected to begin in the fall.

Burbank Studios delivers additional office space, eight soundstages, a mill building and a commissary. The arrangement will allow Warner Bros. to consolidate off-lot workers to Burbank Studios, and provides expansion opportunities on a contiguous site.

JLL’s Carl Muhlstein advised Burbank Studios in the transaction.

Warner Bros. is also divesting the historic North Hollywood Way Ranch lot facility.

*Rendering courtesy Gehry Partners/Warner Bros.

Read more at LA Times

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