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Warner Bros. is set to buy The Burbank Studios for additional office space after its recent takeover by AT&T, and will become the sole tenants of two Frank Gehry-designed office buildings next to its main lot in the Burbank Media District.
Warner Bros. on Monday said it will purchase the Burbank Studios property, which will offer additional production office space and eight soundstages.
That production space will come in handy after AT&T acquired Time Warner and renamed the asset as WarnerMedia.
Warner Bros. will also become long-term tenants of the two buildings that Worthe Real Estate Group and its partner Stockbridge Real Estate Fund are to develop as the Second Century Project. The office development is set to open in 2023, in time for Warner Bros.’ 100th anniversary.
The deal includes Worthe Real Estate Group and Stockbridge buying three office buildings from Warner Bros.— the Triangle Building, the Glass Building and Wood Building — and the 30-acre Warner Bros. Ranch located on Hollywood Way.
The sale of the three buildings is set to be completed in late 2019, with Warner Bros. leasing the space back from Worthe/Stockbridge until employees are moved to the new office space.
“This is an opportunity to re-imagine not only our workspace, but our future,” said Kim Williams, executive vp and CFO of Warner Bros. in a statement.
The proposed 800,000-square-foot office building complex will comprise a seven-story building, with the first to be around 355,000 square feet and a second nine-story building will be around 445,000 square feet.
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