Worthe Real Estate Group (Worthe) and San Francisco-based investment firm Stockbridge have closed a leaseback deal with Warner Bros. (Warner), as part of a redevelopment that is planned on the historic North Hollywood Way lot, also known as the Ranch.<\/p>\n
As part of the land swap deal that was first announced in 2019, the Worthe and Stockbridge partnership will acquire the Ranch Lot, while Warner Bros. becomes the sole long-term tenant of the nearby Second Century campus \u2014 an 800,000-square-foot office complex currently owned and being built by Worthe and Stockbridge. Warner will also purchase the remaining portion of The Burbank Studios campus, which is situated adjacent to the Second Century development.<\/p>\n
With this redevelopment project, Worthe plans to create an entirely new landscape on the Ranch. Notably, the new and improved lot will include a multi-level parking structure; a commissary; 16 sound stages with connected production support space; dedicated set- and prop-building space; and a complex incorporating 320,000 square feet of new Burbank office space<\/a>. Upon completion, it will provide a total of 56 sound stages to support Warner\u2019s Los Angeles-based production activity.<\/p>\n \u201cWe are very pleased to further our ongoing relationship with Jeff Worthe and his outstanding team,\u201d said Jeff Nagler, president of Warner Bros. Worldwide Studio Operations, in a prepared statement, \u201cand we\u2019re excited for this opportunity to utilize the best-in-class Ranch property that the Worthe Group is creating over the next few years. Continuing to enhance our state-of-the-art studios and full-service offerings for our productions and partners is a key priority for our company, and the new Ranch Lot development will certainly fulfill this goal in the Los Angeles area.\u201d<\/p>\n The completion of the aforementioned land swap deal is scheduled for 2023, which coincides with the media company\u2019s 100th anniversary and has all the makings of a high-profile milestone celebration. For instance, previous reporting by the Los Angeles Times<\/em><\/a> estimated the development to be one of Burbank\u2019s largest and most complex real estate transactions of all time, with an estimated combined value of more than $1 billion.<\/p>\n Yesterday, Gov. @GavinNewsom<\/a> and Burbank Mayor Sharon Springer joined Warner Bros. Chair and CEO Ann Sarnoff, architect @frankogehry<\/a> and Worthe Real Estate\u2019s Jeffrey Worthe at groundbreaking on two new Gehry-designed office buildings for Warner Bros.\u2019 expanded campus. pic.twitter.com\/b5mFWNj8Tq<\/a><\/p>\n \u2014 Warner Bros. (@warnerbros) January 15, 2020<\/a><\/p><\/blockquote>\nWarner Bros\u2019 Second Century Commencement<\/h2>\n
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