October 10, 2016
Warner Music Group Corp. signed a deal to relocate its Burbank offices into the entire 255,000-square-foot Ford Factory in DTLA’s Arts District. The roughly $10-million annual lease is set to begin in August of next year. The label plans to spend upwards of $50 million to build out the space.
San Francisco-based Shorenstein Properties acquired the historic Ford Model T cars manufacturing facility for $37 million in 2014. The company’s Jim Pierre says the adaptive reuse project reflects its efforts “to design and deliver a great building worthy of a great tenant,” while reflecting “the creative energy throughout the Arts District.”
CBRE’s John Zanetos, Todd Doney, Rob Waller, Chris Penrose and Phil Ruhl represented the landlord. Cresa’s Matthew Miller represented Warner Music.
Zanetos called the deal “a significant moment for a building with a long history,” noting that it “will significantly change the landscape” of the Arts District and DTLA.
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