Netflix signs expansion lease to take the entire 323,000 sf Icon Building in Hollywood

Los Angeles /
Feb.February 25, 2016 03:13 PM

Netflix has pre-leased the entirety of the Icon office building Hudson Pacific Properties is constructing in Hollywood at Sunset Bronson Studios, HPP CEO Victor Coleman said today in a quarterly earnings report.

Last year, Netflix leased 200,000 square feet of the building at 5800 West Sunset Boulevard in a deal that many in the industry touted as evidence of Hollywood’s rise. Earlier this month, Netflix executed an additional 10-year lease for the remaining five floors of Icon, or another 123,000 square feet, Coleman told The Real Deal.

Icon is now 100 percent pre-leased. Coleman previously told The Real Deal that Netflix would pay the highest rent in Hollywood with their original lease. Some of the additional space was leased at the same rental rate, and a portion was leased at an even higher rate, Coleman said. 

 The property is expected to be completed late this year or early next year. The lease will commence in conjunction with the scheduled delivery date, according to CoStar Group.

“Our Netflix deal remains the largest lease ever signed in Hollywood in terms of square feet,” Coleman said. “This is a landmark deal for Hollywood, for our company, for the project and Sunset Bronson Studios.  This lease exemplifies the convergence of tech and media in L.A., and how next-gen content providers are thinking about growth, business strategy, and the use of office and studio space.”

Hudson is also developing a 90,000-square-foot low-rise production building next door to the Icon tower, dubbed The Hub. There is speculation, for obvious reasons, as to whether Netflix will lease that building too. Especially because Netflix takes almost exactly that amount of space (91,000 square feet) at its Beverly Hills office at 335-345 Maple Drive, and may be looking to consolidate to Sunset Bronson.  

 


Related Articles

arrow_forward_ios
Lena Dunham and her North Ogden Drive home (Getty, Compass)
That’s a wrap: Lena Dunham lists Hollywood bungalow
That’s a wrap: Lena Dunham lists Hollywood bungalow
Rendering of the Melrose + Seward project. (Bardas)
Demand for media, production space may boost Hollywood office project
Demand for media, production space may boost Hollywood office project
Hudson Pacific Properties CEO Victor Coleman with his LA office building The Harlow. (Hudson Pacific)
Hudson Pacific office occupancy still below 25%
Hudson Pacific office occupancy still below 25%
Actors Fund CEO Joseph Benincasa and a rendering of the project
Actors Fund, Thomas Safran will build $120M affordable housing project
Actors Fund, Thomas Safran will build $120M affordable housing project
3800 W Alameda Avenue and 2300 W Empire Avenue, both in Burbank. (LPC West, The Burbank Portfolio)
Here are LA’s biggest office leases of 2020
Here are LA’s biggest office leases of 2020
Bob Champion and a rendering of the Hollywood tower (Champion, Togawa Smith Martin via Urbanize)
Developer’s 269-unit Hollywood tower project finally approved
Developer’s 269-unit Hollywood tower project finally approved
Matt Khourie and David Gilbert (The Center at Needham Ranch)
LA North Studios signs big lease in Santa Clarita
LA North Studios signs big lease in Santa Clarita
Victor Coleman and a rendering of the project (Credit: Gensler via Urbanize)
Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...