When it comes to expansion, Netflix has absolutely no chill

The company now leases two HPP-owned office buildings and several sound stages in Hollywood

TRD 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
An illustration of Jon Gray and Victor Coleman

Blackstone nears $1.4B deal with HPP to build out production studios

Blackstone nears $1.4B deal with HPP to build out production studios
Onni Group president Rossano De Cotiis and the site (Credit: Google Maps)

Onni Group plans 14-story office complex in Hollywood

Onni Group plans 14-story office complex in Hollywood
JADE Enterprises Director of Development Daniel Taban and the development site (Credit: Google Maps)

Jade Enterprises plans apartment complex in Hollywood

Jade Enterprises plans apartment complex in Hollywood
Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

MP Los Angeles plans 14-story office development in Hollywood
A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood
Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Bardas Investment pays $23M for Seward House in Hollywood
Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hotel developer looks to transform Hollywood’s historic Palmer Building
Hudson Pacific Properties and American Homes for Rent cancel plans to attend Citi 2020 Global Property meet up (Credit: iStock)

Coronavirus fears hit California CRE: Bigwigs ditch Florida property conference

Coronavirus fears hit California CRE: Bigwigs ditch Florida property conference
arrow_forward_ios

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

Loading...