Worthe Real Estate Group, in collaboration with Stockbridge, closed on a $475-million fixed-rate securitized mortgage to finance Second Century, the recently completed 800,000-square-foot office project leased to Warner Bros. in the Burbank Media District.
The loan was securitized in a single-asset, single-borrower (SASB) CMBS transaction, led by Wells Fargo and Morgan Stanley. Reportedly it was the first SASB transaction to close in the office sector since early 2022.
“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,” said Jeff Worthe, president of Worthe. He added that the loan’s status as the first SASB office deal in two years was “a testament to the quality and transformational potential of these buildings.”
Completed last year, Second Century was named in celebration of the 100-year anniversary of Warner Bros. in 2023. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the loan.
