{"id":1004721336,"date":"2024-07-16T04:24:17","date_gmt":"2024-07-16T12:24:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004721336"},"modified":"2024-07-22T06:52:16","modified_gmt":"2024-07-22T14:52:16","slug":"warner-bros-sells-burbank-studios-for-375m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/warner-bros-sells-burbank-studios-for-375m\/","title":{"rendered":"Warner Bros. Sells Burbank Studios for $375M\u00a0"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Gensler_Burbank-Studios_Aerial_Final_MR-e1721127589671.jpg\"><img decoding=\"async\" data-attachment-id=\"1004721345\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/warner-bros-sells-burbank-studios-for-375m\/gensler_burbank-studios_aerial_final_mr\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Gensler_Burbank-Studios_Aerial_Final_MR-e1721130866828.jpg\" data-orig-size=\"1200,901\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Gensler_Burbank Studios_Aerial_Final_MR\" data-image-description=\"&lt;p&gt;Image courtesy of Worthe Real Estate&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image courtesy of Worthe Real Estate&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Gensler_Burbank-Studios_Aerial_Final_MR-e1721130866828.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Gensler_Burbank-Studios_Aerial_Final_MR-e1721127589671.jpg\" alt=\"Burbank Studios\" class=\"wp-image-1004721345\" style=\"aspect-ratio:4\/3;object-fit:cover;width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The Burbank Studios is situated in the heart of the &#8220;media capital of the world.&#8221; <em>Image courtesy of Worthe Real Estate<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Worthe Real Estate Group, QuadReal Property Group and Stockbridge Capital Group have repurchased The Burbank Studios, a 685,000-square-foot studio and office campus in Burbank, Calif. Warner Bros. Discovery sold the 27-acre property for $375 million, or approximately $547 per square foot, public records show.<\/p>\n\n\n\n<p>In addition, Warner Bros. provided $281.3 million in seller financing and will continue to occupy space at Burbank Studios as primary tenant. <\/p>\n\n\n\n<p>Worthe and Stockbridge had originally purchased the property from NBCUniversal in a $249.6 million portfolio deal in 2007, according to CommercialEdge data. The partners then sold it to Warner Bros. in 2023.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/los-angeles-office-market-still-pricy\/\">Los Angeles Office Market Still Pricey<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Carrying the address 3000 W. Alameda Ave., The Burbank Studios features eight existing sound stages, production and creative office space. The property is situated in the city&#8217;s Media District, near the main studio lots and corporate headquarters of Disney, Comcast NBCUniversal and Warner Bros.<\/p>\n\n\n\n<p>The new owners have ambitious plans for the campus, starting with the construction of five new sound stages, each ranging from 18,000 to 20,000 square feet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-two-decades-of-deals\">Two decades of deals<\/h2>\n\n\n\n<p>In 2019, Worthe and Stockbridge started negotiating a property exchange with Warner Bros., transferring The Burbank Studios in return for four Warner Bros. properties: the 30-acre Warner Bros. Ranch on Hollywood Way and sites at 4001 W. Olive Ave., 3903 W. Olive Ave., and 111 N. Hollywood Way. This transaction closed in 2023.<\/p>\n\n\n\n<p>The $1 billion agreement allowed Warner Bros. to continue leasing the four properties, while Worthe and Stockbridge moved forward with constructing Second Century, two new office buildings on the 7 acres they retained in the deal, with designs by Frank Gehry. Additionally, they planned to redevelop the 30-acre Warner Bros. Ranch with 16 new soundstages and a 320,000-square-foot office complex.<\/p>\n\n\n\n<p>When <a href=\"https:\/\/www.commercialsearch.com\/news\/worthe-stockbridge-wrap-up-800-ksf-warner-bros-hq\/\">construction of the Second Century project<\/a> began in 2019, the developers secured a $594.2 million construction loan from The Blackstone Group, according to CommercialEdge data.<\/p>\n\n\n\n<p>Further financing was obtained earlier this year, in a transaction led by Wells Fargo and Morgan Stanley. <a href=\"https:\/\/www.commercialsearch.com\/news\/worthe-stockbridge-land-475m-for-warner-bros-hq\/\">The $475 million fixed-rate CMBS loan<\/a> was the first single-asset, single-borrower note of this kind to close since early 2022. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The entertainment company will continue to occupy space at the property as primary tenant. <\/p>\n","protected":false},"author":3014,"featured_media":1004721345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1594,21752,21742,21747,15],"tags":[46652,35708],"class_list":["post-1004721336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-los-angeles","category-mixed-use","category-latest","category-office","category-west","tag-quadreal-property-group","tag-stockbridge-capital-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Warner Bros. Sells Burbank Studios for $375M\u00a0 - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Worthe Real Estate Group, QuadReal Property Group and Stockbridge Capital Group have repurchased The Burbank Studios from Warner Bros.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/warner-bros-sells-burbank-studios-for-375m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warner Bros. 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