LOS ANGELES—Netflix has signed a 200,052-square-foot lease at Hudson Pacific Properties' massive creative office and production development ICON at Sunset Bronson Studios. The lease is the largest ever signed in the Hollywood submarket, and illustrates the clear migration of major media and entertainment firms to the submarket. ICON at Sunset Bronson is a $200 million, 320,000-square-foot office development currently under construction and scheduled to open in late 2016. Netflix will take occupancy in the building in conjunction with the opening.
“This is a unique opportunity for a company like Netflix to not only be in the heart of the production world and the heart of the media and entertainment world in Hollywood, but also to have access to the sound stages and the production and post production equipment onsite,” Victor Coleman, chairman and CEO of Hudson Pacific Properties, tells GlobeSt.com. “It was really the perfect situation for this type of tenant. The reason that Netflix is expanding in Southern California is because this is where their production is going to be. To be a leader in content, which they are, they need to be in Southern California.”
Hudson will simultaneously build out Netflix's space while completing construction of the property. The build out will be a highly creative office space with high ceilings, open stairwells between floors and balconies as well as executive offices. “They are going to build out a pretty cool creative office space, which will be a mixture of more collaborative space and some executive office space as well,” says Coleman. “It will be creative media-related space.”
The lease is an expansion for Netflix, which is currently based in Beverly Hills. The Beverly Hills office is the firm's only office space in Southern California. Netflix did not respond to a request for a comment, however, the company's CFO David Wells, did list the location, creative culture and the combination of office space and production equipment as reasons why they were attracted to the space.
The 320,000-square-foot development is now 60% leased more than a year before opening.
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