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Wednesday, Jun 12, 2024

Warner Bros. Leases Burbank Office Building

In a bid to consolidate its spread-out marketing operations, Warner Bros. Entertainment has signed a 10-year lease at a Burbank office building across the street from its massive studio complex, the company said. The media giant, owned by publically traded Time Warner Inc., will move into the 43,000-square-foot building on Olive Avenue in September. The firm is consolidating the marketing staff of its worldwide television division from three separate office buildings in Burbank. The deal was valued at $20 million, according to the Hollywood Reporter, although Warner Bros. said it couldn’t confirm the price. Staff is moving from two buildings Warner Bros. owns and occupies on Olive Avenue and Hollywood Way. The company is also vacating about 7,300 square feet at the Business Art Plaza in Burbank, but will retain nearly 66,000 square feet at the property, said Brian Feld of brokerage Madison Partners, who represents the landlord at the building in Burbank’s Media District. Warner Bros. will manage its new location at 4411 W. Olive Ave. Matt Hargrove of CBRE Group Inc. represented Warner Bros., while Carl Muhlstein, of Cushman & Wakefield represented the landlord, Worthe Real Estate. Warner Bros. said it will be more efficient to have all employees in one location. No layoffs are planned in the consolidation, Warner Bros. said. The number of employees making the move has not been determined. Warner’s new white building with tinted windows boasts a large sculpture depicting a larger-than-life 1920’s camera man surrounded by orange and yellow flowers — an homage to the city’s rich film history. The property has remained vacant since Modern VideoFilm Inc. completed its move in January to the Empire Center, a seven-story office tower in Burbank.

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