Warner Bros.' headquarters has always been known for its iconic water tower over the studio lot but that may soon change.
As Warner Bros. approaches its 100-year anniversary, the entertainment company announced it is expanding its famed Burbank headquarters after agreeing to be the sole tenant of two soon-to-be-built office buildings that have been designed by Frank Gehry to look like icebergs floating along the 134 Freeway.
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Warner Bros. officials said the company has agreed to a multi-layered real estate deal including the purchase of much of Burbank Studios from the JV of Worthe Real Estate Group and Stockbridge Real Estate Fund, which are developing the new office campus in the Burbank Studios, a television production facility at 3000 West Alameda Ave. in the Burbank media district.
The Second Century Project will be made up of a seven-story and a nine-story building totaling 800K SF.
“This is an opportunity to reimagine not only our workspace but our future,” Warner Bros. Executive Vice President and Chief Financial Officer Kim Williams said in a news release.
Gehry said he wants the buildings to have a strong and unique identity reminiscent of old Hollywood studios.
He said the buildings will be composed "as one long sculptural glass facade that creates a single identity like icebergs floating along the freeway."
"Once upon a time, Hollywood Studios had an important architectural presence in the city — they were like monuments to the movie-making process," Gehry said. "With this project, I was trying to recapture that feeling of old Hollywood splendor.”
As part of its deal with the JV, Warner Bros. will purchase most of the 35-acre Burbank Studios with the exception of the two undeveloped office buildings. Worthe and Stockbridge will continue to own those buildings, the companies announced.
Warner Bros. will acquire eight soundstages, a mill building, a commissary and more office and production space. The transaction price was undisclosed.
Worthe purchased The Burbank Studios for $250M in 2007, according to the LA Times.
Additionally, Worthe Real Estate and Stockbridge will purchase the 30-acre Warner Bros. Ranch and three office buildings from Warner Bros. The buildings being sold are the Triangle Building at 4001 West Olive Ave., the Glass Building at 3903 West Olive Ave. and the Wood Building at 111 North Hollywood Way.
Warner Bros. officials said the sale of the three buildings will take place later this year, with Warner leasing the space back from the JV until those employees are moved to the new office space.
The sale of the Ranch property and Warner Bros.’ purchase of The Burbank Studios are expected to take place in 2023.
Groundbreaking for the new office buildings is slated for later this year, with construction expected to be completed by 2023.
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