The former NBC Studios, in what TV host Johnny Carson used to call 'beautiful downtown Burbank,' has sold for $375 million to a local developer who previously owned the property and plans to add more soundstages to the legendary lot. Worthe Real Estate Group and partners bought the 27-acre film and television production facility now known as Burbank Studios from Warner Bros. Discovery after a complicated $1-billion series of transactions over several years that allowed Warner Bros.
His company plans to add five soundstages ranging from 18,000 square feet to 20,000 square feet as part of a roughly $100-million first phase of improvements, he said. The studio is also approved for an additional 400,000 square feet of office space that Worthe may begin to add when the office rental market improves, he said. Worthe's partners in acquiring Burbank Studios were QuadReal Property Group and Stockbridge Capital Group.