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7/17/24
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Burbank Studios, a 27-acre studio/production campus in Burbank’s Media District, was acquired by a Worthe Real Estate Group-led partnership in a deal said to be valued at $375 mil. The buying entity also includes QuadReal Property Group and Stockbridge Capital Group.
The property was sold by Warner Bros. Discovery as one of a number of transactions totaling around $1 bil between the two entities since 2019.
Burbank Studios, situated along West Alameda Ave, contains office and production space, along with eight soundstages, totaling 685k sf of space. The property was previously the home of NBC Entertainment and The Tonight Show, while hosted by Johnny Carson and Jay Leno.
From what we understand, Warner Bros.provided about $280 mil in seller financing and will continue to occupy the property as part of the sale/leaseback transaction.
In an earlier deal between these parties, Worthe and Stockbridge acquired The Ranch Lot, also in Burbank. Redevelopment work on that property, which has already been started, will include nearly 1 msf of new office and soundstage space, to be occupied by Warner Bros.
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