Worthe Real Estate Group, QuadReal Property Group and Stockbridge Capital Group acquire The Burbank Studios
Worthe Real Estate Group (“Worthe”), QuadReal Property Group (“QuadReal”), and Stockbridge Capital Group (“Stockbridge”) have purchased The Burbank Studios, a 27-acre film studio campus, from Warner Bros. Discovery (“Warner Bros.”). The asset is located in Burbank’s Media District — the heart of the “media capital of the world” — and totals 685,000 square feet, including eight existing sound stages, production and creative office space.
Warner Bros. provided seller financing as part of the transaction and will be the primary tenant of the property by way of sale-leaseback, which will largely stabilize the property with some creative office space still available for lease. In addition, the property’s significant footprint is entitled for further development of sound stages and production space, providing for much needed supply in a constricted market. The group is planning the first of two phases of development which will include five new, state-of-the-art sound stages ranging from 18,000 square feet to 20,000 square feet each.
Long-time headquarters of NBC Universal, the property was originally sold to Worthe and Stockbridge in 2007. Worthe and Stockbridge sold the property to Warner Bros. in 2023 in a complex transaction that included the lease by Warner Bros. of the adjacent 800,000 square feet Second Century towers, which were developed by Worthe and Stockbridge and designed by Frank Gehry. In addition, as part of the original transaction, Worthe and Stockbridge purchased The Ranch Lot from Warner Bros., who later signed a lease for 926,000 square feet of new office space and sound stages at that property, which are under construction today.
Worthe Real Estate currently has 13 buildings in Burbank, and the firm continues to lead the way in creating sustainable, dynamic, and vibrant spaces for the entertainment industry in the city.
About Worthe Real Estate Group
Worthe Real Estate Group and its related entities have been in business since 1967 and are responsible for some of the most noteworthy real estate developments in the Los Angeles region. Worthe’s commitment to a long-term ownership philosophy has achieved lasting value and created some of the highest quality office environments which support vibrant business communities throughout Los Angeles. The firm’s portfolio is currently more than 8 million square feet.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are $73.8 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
About Stockbridge Capital Group
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33 billion of assets under management (as of March 31, 2024) spanning all major real estate property types, and certain specialty property types with an emphasis on residential and industrial space throughout the United States.
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