Hudson Pacific Properties and Blackstone have teamed up to develop a $190m (€160m) studio facility in Sun Valley, California.
The pair will develop Sunset Glenoaks Studios, which forms part of three existing Sunset studios in Hollywood also jointly owned by Hudson Pacific and funds managed by Blackstone.
The companies said the 240,000sqft studio situated on over 10 acres, which will cost between $170-190m to develop, is expected to be completed in the third quarter of 2023.
The project, located at 11070 W Peoria Street, Sunset Glenoaks is the first large-scale, purpose-built studio development in Los Angeles in over 20 years, the companies said in a joint statement.
Once completed, the joint venture will collectively own and operate under its Sunset Studios platform 42 stages or 3.5m sqft, including development rights, of Los Angeles area studio facilities.
Victor Coleman, chairman and CEO of Hudson Pacific, said: “Sunset Glenoaks is a perfect example of our long-term strategy with Blackstone to buy and transform existing facilities and to build new, state-of-the-art studios within Los Angeles and other high-priority production markets we’ve identified for expansion.
“We are leveraging our development and studio operations expertise to further expand Sunset Studios’ facilities here in Los Angeles, where demand from leading content creators for top-notch, fully integrated sound stages and support space continues to significantly outpace supply.”
Jacob Werner, Blackstone Real Estate senior managing director, said, “We couldn’t be more excited to bring the first large-scale studio development in the last 20 years to Los Angeles. This investment reflects both our high conviction in content creation, a space that is benefitting from strong, secular tailwinds, and our long-term commitment to the Los Angeles market.
“This development is another important example of our strong partnership with Hudson Pacific as we expand our studio platform joint venture to uncover and capitalize on unique opportunities in the space.”
The partnership is also actively pursuing further expansion opportunities in Los Angeles, New York, London and Vancouver, the companies said.
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