Blackstone is buying out Jeff Worthe’s partners in Burbank portfolio

Majority stake in 5 or 6 offices said to be valued at up to $1.5B

TRD LOS ANGELES /
Aug.August 15, 2017 06:10 PM
Jonathan Gray, Jeffrey Worthe, the Pointe office (credit: Google Maps)

Blackstone Group is making a major recapitalization play in Burbank.

The real estate giant agreed to buy majority stakes in five or six office properties in the city. The recap deal is estimated to be worth $1.5 billion, REAlert reported.

The sellers are the various partners of investor Jeffrey Worthe, who heads Santa Monica-based Worthe Real Estate Group. They will cash out of the buildings, while Worthe retains a small interest and continues to manage them.

Eastdil Secured is arranging the recapitalization.

The deal will give Blackstone majority ownership of Pinnacle 1, at 3300 W. Olive Avenue, and Pinnacle, 2, at 3400 W. Olive Avenue, which Worthe owns in a joint venture with Hudson Pacific Properties.

The portfolio also includes the Pointe offices at 2900 W. Alameda Avenue, which Worthe developed in 2009 with unknown partners; the Tower Burbank at 3900 West Alameda Avenue, which Worthe acquired with fund operator PCCP in 2014; the Central Park at Toluca Lake building at 3500 W. Olive; and the Disney building at 3800 W. Alameda, according to REAlert.

The Media Studios North campus at 2255 North Ontario Street may also be included in the deal, several sources told The Real Deal. However, the property’s inclusion could not be confirmed. [REAlert] — Hannah Miet


Related Articles

arrow_forward_ios
The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...