When it comes to expansion, Netflix has absolutely no chill

Los Angeles /
Jan.January 05, 2017 05:36 PM

When it comes to expansion, Netflix has absolutely no chill.

The behemoth streaming servicer and content creator inked yet another lease in Hollywood. It will take the entirety of Hudson Pacific Properties’ under-construction “Cue” building on the Sunset Bronson Studios lot, the Los Angeles Times reported.

Terms of the deal for the 92,000-square-foot, five-story office complex at 5800 Sunset Boulevard were not disclosed, but the submarket average for new office buildings in Hollywood last year pencils out to be about $5.50 per square per month. That means the lease is worth at least $60.7 million if the length is the typical 10 years.

Cue is expected to be complete by the end of this year. Designed by Gensler, the building will feature terraced balconies, high ceilings, a rooftop deck, and — you guessed it — an open environment for creative tenants, according to the landlord.

Meanwhile, Netflix is set on dominating the entire Sunset Bronson Studios lot. Soon, it will move into the brand new Icon building next door, also owned by Hudson. The Real Deal reported in February 2016 that the company signed leases for all 323,000 square feet of the 14-story building. Additionally, Netflix leased several HPP-owned sound stages on the lot in October.

In September, the L.A. City Council approved Hudson’s plans for a 300,000-square-foot development down the street at 5901 Sunset Boulevard. Called “Epic,” the project is slated to break ground this year. [LAT]Cathaleen Chen


Related Articles

arrow_forward_ios
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
Hudson Pacific Properties CEO Victor Coleman and Sunset Las Palmas Studios (Google Maps, iStock)

Hudson Pacific studio revenue takes hit

Hudson Pacific studio revenue takes hit
A rendering of the project (Credit: Yorkwood, LLC)

Developer plans 137-unit complex in Hollywood

Developer plans 137-unit complex in Hollywood
Netflix CEO Reed Hastings with the building (Credit: BENOIT TESSIER/POOL/AFP via Getty Images)

Netflix inks giant lease in Burbank for first dedicated animation studio

Netflix inks giant lease in Burbank for first dedicated animation studio
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

An analysis of rent rolls at Hollywood & Highland

An analysis of rent rolls at Hollywood & Highland
Bob Iger, Reed Hastings and (clockwise from top left) Sunset Las Palmas, Sunset Bronson and Sunset Gower Studios (Getty, Google Maps)

Here’s what Netflix, Disney and CBS pay at their Hollywood digs

Here’s what Netflix, Disney and CBS pay at their Hollywood digs
Bernard Huberman and Hollywood’s Television Center (BLT, Television Center)

BLT Enterprises buys Hollywood’s Television Center for $64M

BLT Enterprises buys Hollywood’s Television Center for $64M
arrow_forward_ios

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

Loading...