Warner Bros. Will Be Long-Term and Sole Tenant of New Iconic Frank Gehry Buildings Developed by Worthe Real Estate Group to Be Built in Burbank’s Media District

New Campus and Buildings Will Facilitate Increased Interaction and
Collaboration Positioning Warner Bros. For Continued Creative Excellence

BURBANK, Calif.–(BUSINESS WIRE)–As the media and entertainment industries continue to evolve at a rapid
pace, Warner Bros. will expand into two Frank Gehry-designed office
buildings adjacent to its main lot in the Burbank Media District. Warner
Bros. will purchase a portion of The Burbank Studios and be the sole and
long-term tenant of the two buildings Worthe Real Estate Group and its
partner Stockbridge Real Estate Fund will develop, which will combine
state-of-the-art technology with a dynamic work environment in order to
accelerate the Studio’s competitive advantages. In recognition of Warner
Bros.’ 100th anniversary in 2023, the design and construction
phases will be called the Second Century Project.

The announcement was made today by Kim Williams, Executive Vice
President and CFO, Warner Bros., Jeff Worthe, President, Worthe Real
Estate Group and Frank Gehry, Partner, Gehry Partners, LLP.

“This is an opportunity to reimagine not only our workspace but our
future,” said Williams. “Along with our historic lot, the newly expanded
campus will fuel increased creativity, facilitate collaboration, and
help us attract and retain the world’s best and most diverse talent. It
will also better position our company for the future and provide for
more production capacity. This is an investment in our employees, our
creative and business partners, and the Burbank community that will
continue to be our home for decades to come.”

“We are proud to continue our longstanding partnership with Warner Bros.
which dates back over 30 years. We are thrilled to deliver these iconic
buildings to Burbank and can’t think of a better way to honor Warner’s
past 100 years and celebrate their exciting future. We will add these
buildings to our existing portfolio of outstanding office properties
that covers over 4,000,000 square feet in the City of Burbank alone,”
said Worthe.

“Once upon a time, Hollywood Studios had an important architectural
presence in the city – they were like monuments to the movie-making
process. With this project, I was trying to recapture that feeling of
old Hollywood splendor,” said Gehry. “We wanted to create a 21st
century version that would have a strong and unique identity for Jeff
Worthe and for Warner Bros. in the center of Burbank. We created large
open floorplates with the single goal of creating the highest quality
office space. From the freeway, the buildings are composed as one long
sculptural glass façade that creates a single identity like icebergs
floating along the freeway. On the studio side, the metal punched façade
is terraced to relate to the scale and character of the existing studio
buildings.

“Collaborating with Jeff Worthe on this project has been special for me.
He is curious and open to ideas. He takes the time to explore ideas with
a thoughtfulness toward the community and those who will inhabit the
building. He understands and promotes the idea that architecture has
value. I hope that we have created something that works well for Warner
Bros. and that is respectful of the community around it,” Gehry
continued.

“We are thrilled that Warner Bros.’ long-term plan includes an exciting
new vision for their campus in Burbank,” said Emily Gabel-Luddy, Mayor
of Burbank. “This commitment further reinforces our City’s standing as
the Media Capital of the World.”

The 800,000-square-foot office building complex will consist of a
seven-story building of approximately 355,000 square feet and a
nine-story building of approximately 445,000 square feet. Groundbreaking
is expected to take place in the fall of 2019, with construction of both
Phases expected to be completed by 2023. Occupancy of Phase I is
expected in 2022, and Phase II occupancy will coincide with the Studio’s
centennial celebration in 2023. Reflecting Warner Bros.’ commitment to
sustainability and environmental responsibility, the buildings will be
built to LEED Certification standards.

As part of this transaction, Warner Bros. will purchase The Burbank
Studios property, exclusive of the land on which the two Gehry buildings
are to be built (which will be owned by Worthe Real Estate Group and
Stockbridge). The Burbank Studios purchase provides Warner Bros. with
additional production office space and eight soundstages (with room for
expansion), as well as a mill building and a commissary.

Also as part of this deal, Worthe Real Estate Group and Stockbridge will
purchase three office buildings currently owned by Warner Bros.—the
Triangle Building (4001 West Olive Avenue), Glass Building (3903 West
Olive Avenue) and Wood Building (111 N. Hollywood Way)—as well as the
30-acre Warner Bros. Ranch located on Hollywood Way. The sale of the
three buildings is targeted to take place in late 2019, with Warner
Bros. leasing the space back from Worthe/Stockbridge 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, following Warner Bros.’ occupancy of the new space.
Warner Bros. will also move employees from other leased space
surrounding the lot to the new campus.

Worthe Real Estate Group/Stockbridge, Gehry Partners, LLP and Warner
Bros. will work closely with various agencies across the City of Burbank
throughout the building process to ensure a compliant,
community-conscious build.

ABOUT WARNER BROS.

Warner Bros. is a global leader in all forms of entertainment and their
related businesses across all current and emerging media and platforms.
A WarnerMedia Company, the fully integrated, broad-based Studio is home
to one of the most successful collections of brands in the world and
stands at the forefront of every aspect of the entertainment industry
from feature film, television and home entertainment production and
worldwide distribution to DVD and Blu-ray, digital distribution,
animation, comic books, video games, product and brand licensing, and
broadcasting.

ABOUT GEHRY PARTNERS

Gehry Partners, LLP is a full service architectural firm with extensive
international experience in the design and construction of academic,
museum, theater, performance, and commercial projects. Founded in 1962
and located in Los Angeles, California, Gehry Partners currently has a
staff of approximately 160 people. Every project undertaken by Gehry
Partners is designed personally and directly by Frank Gehry. All of the
broad resources of the firm and the extensive experience of the firm’s
senior partners and staff are available to assist in the design effort
and to carry this effort forward through technical development and
construction administration.

ABOUT WORTHE REAL ESTATE GROUP

Worthe Real Estate Group and its related companies have been operating
since 1967 and are responsible for some of the most creative and
noteworthy developments in the Los Angeles region. Examples include The
Reserve in Playa Vista, The Pointe in Burbank and The Post Office in
Beverly Hills. The firm’s portfolio is currently in excess of 5,000,000
square feet.

ABOUT STOCKBRIDGE

Stockbridge (www.stockbridge.com)
is a real estate investment management firm headquartered in San
Francisco, California, with offices in Atlanta, Chicago and New York.
The firm’s portfolio is comprised of assets across the risk spectrum,
spanning all major property types throughout the United States. As of
December 31, 2018, the firm’s total assets under management were $13.3
billion.

Contacts

Paul McGuire
Warner Bros.
[email protected]
818-954-6152

Jeff Worthe
Worthe Real Estate Group
[email protected]
310-393-9653

Meaghan Lloyd
Gehry Partners, LLP
[email protected]
310-482-3000

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