Hudson Pacific, Blackstone Plan Studio Project in Sun Valley

Hudson Pacific Properties and Blackstone have announced plans to build Sunset Glenoaks Studios, a 240,000-square-foot studio space in Sun Valley. The project represents a total investment of $170 million to $190 million. The project is already fully entitled and is expected to deliver in the third quarter 2023.

This is the first large-scale new construction studio project to break ground in Los Angeles in decades, and it reflects the rapidly rising demand for studio facilities amid the streaming wars and increased content consumption during the pandemic. According to research published in June from CBRE, there is currently a 1.2 million-square-foot pipeline of new studio space development and occupancy of existing studio spaces is above 95%. Content consumption is playing a major role. Eric Willett, regional director of research at CBRE, says that viewing minutes in the US and globally are up year-over-year. That is especially good news for Los Angeles, which Willett calls “ground zero” for studio space.