California + Office | September 25, 2017

Blackstone Nabs Control of $1.7B Burbank Media District Portfolio

New York-based Blackstone is taking a majority ownership stake in Burbank Media District’s biggest office portfolio that’s valued at $1.7 billion. The six office properties total 3.3 million square feet, and were developed or bought by Santa Monica developers Jeff Worthe and M. David Paul.

Blackstone says its investment was driven by a desire to hold assets in “key cradles of content creation.” The properties are home to high-profile entertainment companies such as Warner Bros., Walt Disney Co., Sony, Fox, DC Comics and DreamWorks.

Worthe is retaining a 20% ownership stake in the roughly 90%-leased properties, with Blackstone buying out the co-owners at undisclosed prices. Four of the properties traded hands last week, and the other two are expected to close within three weeks. Worthe Real Estate Group will continue to manage the properties.

Blackstone and Worthe also owns land parcels entitled for 900,000 square feet of office development.

Properties involved:
– Tower 32-story, 460,000-square-foot high-rise
– Central Park (250,000 square feet)
– Disney Channel Building (425,000 square feet)
– Pinnacle (625,000 square feet)
– Pointe (485,000 square feet)
– Media Studios (900,000 square feet).

Inside The Story

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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