L
egendary Entertainment has committed to staying at The Pointe in Burbank for another 12 years, renewing its lease on nearly 90,000 square feet of office space across several floors of the building. The studio behind hits like "Dune" and the "Dark Knight" series will occupy a slightly smaller footprint than it did when it first moved to The Pointe in 2013. This renewal is a significant coup for Worthe Real Estate Group and Blackstone, which own a large portfolio of office buildings in Burbank that are home to major industry players like Disney, Warner Bros., and NBCUniversal.

    The deal comes at a time when the Burbank office market has struggled to recover from the pandemic, with negative absorption in the third quarter and an overall vacancy rate of 25.3 percent. However, Legendary's commitment is seen as a positive sign for the area. "This is a long-term lease, and everyone's excited," said CBRE broker Blake Mirkin, who arranged the deal.

    Legendary spent three years considering submarkets across Los Angeles County before deciding to stay at The Pointe. The studio recently announced that it had bought out its majority owner, Dalian Wanda, giving it more freedom to pursue acquisitions in the future.