Warner Bros. has sweeping plans to expand its Burbank headquarters by acquiring a nearby studio complex and moving into two Frank Gehry-designed office towers fashioned to look like icebergs floating alongside the 134 Freeway.

The purchase of Burbank Studios and office tower completion are scheduled for 2023, which coincides with Warner Bros.’ 100th anniversary. As part of the deal, Warner Bros. will sell its historic North Hollywood Way facility known as the Ranch lot, which has long been popular for television production.

The multi-phased project, unveiled Monday, is one of Burbank’s largest and most complex real estate transactions ever, with an estimated combined value of more than $1 billion.

“This is an opportunity to reimagine not only our workspace but our future,” Kim Williams, Warner Bros. executive vice president and chief financial officer, said in a statement. “It will also better position our company for the future and provide for more production capacity.”