The Los Angeles City Council has given its final approval to a 510K SF studio complex in Hollywood that will be built by a joint venture of Bardas Investment Group and Bain Capital Real Estate.
The project, known as Echelon Studios, will be built on a five-acre site at 5601 Santa Monica Boulevard that was occupied by a former Sears department store, according to a report in Urbanize Los Angeles.
The partnership bought the property in early 2021 for slightly less than $82M. When it announced the studio project, the venture estimated it would cost $450M to build.
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