Allen Matkins Advises Worthe Real Estate Group and Stockbridge Real Estate Fund in a $575 Million Financing for Second Century Development at Burbank Studios

Allen Matkins advises Worthe Real Estate Group and Stockbridge Real Estate Fund in the closing of $575 million in secured and mezzanine financing for Second Century. The secured portion of the financing was securitized in a private placement making it the largest single asset securitization involving an office asset in almost two years.

Second Century is an office project located in Burbank, CA, and consists of approximately 800,000 rsf in two Frank Gehry designed towers. The project is fully-leased by Warner Bros. and named for the 100-year anniversary of the company. Second Century is an integral part of a more than $1 billion development deal that includes the Warner Bros. Ranch Lot and other real estate assets in Burbank owned or managed by Worthe.  Wells Fargo and Morgan Stanley provided a $475 million secured loan, and $100 million in mezzanine financing to the Borrower venture.

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The Allen Matkins team was led by Emily Feder, Marc Young, Julie Hoffman, Jared Kassan, Max Rawn, and included Lucas Whelan and Brad Diamond.