Dealmaker: Hudson Pacific Properties Acquires Hollywood Center Studios for $200M
Hudson Pacific Properties, Los Angeles, acquired Hollywood Center Studios, a 369,000-square-foot media and entertainment campus with future development rights, for $200 million.
The real estate investment trust partially funded the purchase by selling 3402 Pico Boulevard, a 51,000-square-foot Santa Monica, Calif., office property in for $35 million in March. It changed Hollywood Center Studios name to Sunset Las Palmas Studios.
At 1040 North Las Palmas Avenue, the property includes 13 stages, production offices and support space on 15 acres near Hudson Pacific’s Sunset Gower and Sunset Bronson Studios. The Los Angeles Times reported that Studio Management Services Inc. sold the space to Hudson Pacific.
Hudson Pacific Chairman and CEO Victor Coleman said the firm plans to redevelop the property to meet growing demand from traditional and streaming media companies that spend billions to produce original content. “We expect this transaction will create significant long-term shareholder value as we improve Sunset Las Palmas’ cash flow through proactive management, economies of scale, industry relationships and capital investment,” he said.
Hudson Pacific is the largest independent sound stage owner-operator in the U.S. with 35 stages totaling 1.2 million square feet on 41 acres. The firm entered the Hollywood market by purchasing Sunset Gower and Sunset Bronson Studios in 2007 and 2008, respectively. Capital projects at those studios have included three creative office developments–a 115,000-square-foot build-to-suit for Technicolor’s North American headquarters, the recently completed ICON tower and under-construction CUE building. ICON and CUE, which total 423,000 square feet, will serve as Netflix’s Los Angeles headquarters.
Sunset Las Palmas’ original stages and bungalows were built in 1919. Francis Ford Coppola the Singer Family have also owned the space where television shows including I Love Lucy and The Addams Family were filmed.
