Oct. 10, 2024 (BURBANK, Calif.)
Worthe Real Estate Group is pleased to announce the successful financing of the Burbank Media Portfolio, an irreplaceable collection of four trophy, Class “A” office properties totaling approximately 2.1 million square feet in the Burbank Media District, one of the strongest performing markets on the West Coast.
The $600M transaction with Blackstone represents the first office portfolio SASB CMBS (single-asset, single-borrower commercial mortgage-backed security loan) closed in the U.S. since early 2022, and arrives just six months after the closing of Worthe’s landmark $475M SASB CMBS financing with Stockbridge for the newly developed Second Century Towers.
These two financing firsts (single-asset office and portfolio office) are a testament to the strengthening demand in the entertainment industry for sustainable, state-of-the-art and vibrant office spaces, as well as the industry-leading vision and management principles at Worthe Real Estate Group.