Worthe Actual Property Group and Stockbridge Capital Group have scored a $475 million mortgage tied to their 801,000-square-foot headquarters for Warner Bros. in Burbank.
The Santa Monica-based developer and San Francisco-based investor secured the fixed-rate mortgage for the Frank Gehry-designed Second Century hub at 100-200 South California Road, subsequent to the Warner Bros. studio lot, the Industrial Observer reported.
The financing — the primary business mortgage-backed securities workplace mortgage on a single property for one borrower since 2022 — was led by Wells Fargo and Morgan Stanley. Phrases of the financing weren’t disclosed. Eastdil Secured served as adviser to Worthe and Stockbridge.
Worthe accomplished the seven- and nine-story Second Century in Could 2023 on the southern finish of the well-known Burbank Studios lot, alongside the 134 Freeway. The 2-building, 7-acre undertaking was named to have a good time the 100-year anniversary of Warner Bros.
Monetary phrases of Warner Bros.’ lease weren’t disclosed, however estimates from when it was introduced in 2019 recommend it’s greater than $800 million, in keeping with the Observer.
Worthe Actual Property Group owns and has developed greater than 7 million sq. toes of business house throughout Southern California. Over the past 15 years, the agency has shifted to proudly owning and growing extra studios, in keeping with The Actual Deal.
Worthe and Stockbridge are additionally engaged on a $500 million redevelopment of Warner Bros. Ranch, which can embody 926,000 sq. toes of latest development with 16 soundstages. Warner Bros. will lease it subsequent yr.
Second Century is Worthe’s thirteenth constructing in Burbank, house to one of many world’s largest concentrations of main studios and leisure corporations.
— Dana Bartholomew
