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Worthe Real Estate Group and Stockbridge Real Estate Fund have completed the construction of Second Century, an 800,000-square-foot project in Burbank, Calif. The development will serve as Warner Bros.’ new headquarters, in anticipation of the firm’s upcoming centennial celebration.
Second Century encompasses two nine-story, LEED-certified office buildings. Gehry Partners spearheaded the architectural efforts, with Krismar Construction taking charge of construction operations. When the project broke ground in 2019, the developers secured a $594.2 million construction loan, provided by The Blackstone Group, CommercialEdge data shows.
READ ALSO: Los Angeles, Among the Top 10 Markets for Office Deliveries in 2022
Nestled in the Burbank Media District, at 100-200 S. California St., the towers are situated on the southernmost section of The Burbank Studios Lot, neighboring the main lot of Warner Bros. The construction of Second Century generated jobs that totaled more than 2 million hours of work.
Entertainment industry boosts office leasing
According to JLL data, leasing activity in the Los Angeles area during the first quarter was characterized by larger leases, signed primarily by firms in the entertainment and financial services sectors. There are currently 3 million square feet of office space under construction in the metro, the same source reveals.
The availability of sublease space reached a historical high of 9.3 million square feet, JLL reported. Interestingly, despite widespread layoffs, the metro’s technology sector, which is more focused on content creation, has not experienced a significant impact so far.
Sony Pictures Entertainment has recently signed a long-term lease, encompassing an area of 225,239 square feet, at Wilshire Courtyard, a Class A office campus in Los Angeles.
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