Netflix Leases 200,000-Square-Foot Hollywood Building
Netflix will occupy about two-thirds of the building in the largest office lease in square footage to-date for Hollywood.
Netflix has signed a big office lease in Hollywood that matches its big Hollywood content ambitions.
The streaming video company has signed a 200,000-square-foot lease in the ICON office tower at Sunset Bronson Studios on Sunset Boulevard. The deal, which more than doubles the space Netflix currently leases in Beverly Hills, is the largest office lease in square footage to-date in Hollywood.
"Netflix's decision to relocate and expand at Hudson Pacific Properties' beautifully designed ICON office tower reaffirms that Los Angeles remains the nexus for innovative tech and creative companies, and that the future of the entertainment industry will call Hollywood home," said Mayor Eric Garcetti, adding that the move will bring high-paying jobs to the Hollywood community.
With the move, one of Hollywood's newest entrants will operate from the site of one of the oldest studio lots. Sunset Bronson Studios, which offers more than 105,000 square feet of stage space, was once home to the original Warner Bros. lot where the studio filmed The Jazz Singer in 1927.
Today, the property is part of a revitalizing Sunset Boulevard. The 14-story ICON building, a $200 million development from Hudson Pacific Properties slated to open next year, is one of several developments currently under construction along the Sunset corridor. When complete, it will offer 323,000 square feet of office space at Sunset Bronson Studios.
"We're very pleased to welcome Netflix to ICON, part of a unique creative campus at the center of Hollywood's renaissance," said Hudson Pacific Properties CEO Victor Coleman. "ICON's innovative architecture, sustainable design and access to top-of-the-line sound stages and production facilities are perfect for next-generation tech and media companies like Netflix."
That stage space could come in handy for production on future original series. The streamer has ramped up original development in recent years and has shot a number of its originals in the greater Los Angeles area, including Arrested Development and Grace and Frankie. Upcoming series also being shot in the area include Fuller House, The Ranch and original film Pee-wee's Big Holiday.
Netflix is based out of Los Gatos, Calif., where it has leased 250,000 square feet with plans to expand by an additional 260,000 square feet expected in 2015. Despite the large space in the heart of Silicon Valley, the company has established a beachhead in Los Angeles to build out its growing content team, which is led by Ted Sarandos.
"ICON is a state-of-the-art facility that places Netflix squarely in the middle of Hollywood's creative culture to support our next stage of growth and content creation," said CFO David Wells. "The property's combination of office, stage and production space provides an ideal setting."