BURBANK, CALIF. — Worthe Real Estate Group (Worthe) and Stockbridge have received a $475 million, fixed-rate, securitized mortgage to refinance debt on Second Century. The 800,000-square-foot office complex is located in the Media District neighborhood of Burbank, a suburb north of Los Angeles that serves as a television studio hub.
Worthe and Stockbridge completed the development of the Frank Gehry-designed Second Century in May 2023. The complex consists of two buildings located within The Burbank Studios lot. Warner Bros. fully occupies the property.
According to the city of Burbank, the first building comprises 355,000 square feet across seven stories. The second building rises nine stories and totals 445,000 square feet.
The loan was securitized as a single-asset, single-borrower CMBS transaction, led by Wells Fargo and Morgan Stanley. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the transaction. Further details on the loan were not disclosed.
“This successful financing underscores our vision for Second Century and the growing demand in the entertainment industry for sustainable, state-of-the-art and vibrant office space,” says Jeff Worthe, president of Worthe.
The Burbank Studios is a television production facility that also houses the iHeartRadio Theatre performance venue. The facility is situated across the street from Johnny Carson Park.
Second Century was named in celebration of the 100-year anniversary of Warner Bros. in 2023. Worthe developed the project, and its construction company Krismar Construction built the towers. Architect Gehry Partners designed the buildings.
— Channing Hamilton