Warner Bros. will move into 2 new LA area office buildings
The global entertainment and media company, Warner Bros. is expanding into two Frank Gehry designed office buildings totaling 800,000 square feet. The office building will be constructed adjacent to its main lot in the Burbank Media District in Burbank, California., by a partnership of Worthe Real Estate Group and Stockbridge Real Estate Fund.
As per the deal, Warner Bros. will buy The Burbank Studios property, except for the land where the Gehry buildings will be located, from Worthe and Stockbridge. This transaction will give Warner Bros. additional production office space and soundstages as well as a mill building and commissary.
The groundbreaking for the two office buildings—a seven-storey, 355,000-square-foot building and a nine-storey, 445,000 square-foot building—will take place in the fall. The construction of both phases expected to be completed by 2023. Warner Bros. will move into the first building in 2022 and into the second in 2023 to coincide with the studio’s centennial celebration.
Besides, the complex transaction calls for Warner Bros. to sell three office buildings—the Triangle Building at 4001 West Olive. Ave.; the Glass Building at 3903 West Olive Ave.; and the Wood Building at 111 N. Hollywood Way—to Worthe and Stockbridge in a sale leaseback deal later this year. Warner Bros. employees will occupy those spaces until 2023, when the new buildings are ready. In 2023, Warner Bros. will sell the 30 acre Warner Bros. Ranch on Hollywood Way to Worthe and Stockbridge and the purchase of The Burbank Studios will be finalized.
Kim Williams, Warner Bros. executive vice president & CFO, said, “This is an opportunity to reimagine not only our workspace but our future. Along with our historic lot, the newly expanded campus will fuel increased creativity, facilitate collaboration and help us attract and retain the world’s best and most diverse talent. It will also better position our company for the future and provide for more production capacity.”
Source: CP Executive
Fulya Altunyay/[email protected]