HPP is in advanced talks to acquire Hollywood Center Studios for roughly $200M: sources

Area experts wonder whether Netflix is in tow

Feb.February 02, 2017 09:07 PM
A building at Hollywood Center Studios (via wiki) and HPP CEO Victor Coleman (via HPP)

I’m unstoppable — I’m a Porsche with no brakes,” Sia sings on her latest album, in what might as well be Hudson Pacific Properties’ theme song.

The publicly traded real estate investment trust, led by CEO Victor Coleman, has leased two new office buildings, in addition to several soundstages, to Netflix over the course of the past year. Now, the West L.A.-based company is in talks to acquire more studio space near those properties.

Hudson is in advanced discussions to acquire Hollywood Center Studios, one of the oldest filming locations in California, from a partnership led by the Singer family, who bought the property from Francis Ford Coppola in 1984, The Real Deal has learned.

HPP will pay a price in the ballpark of $200 million for the 12 buildings on 7.4 acres of land at 1040 North Las Palmas Avenue in Hollywood, said sources with knowledge of the talks.

The REIT’s plans for the site are not known, though sources suspect streaming giant Netflix will take some of the space for filming. This, however, could not be confirmed.

“Hudson Pacific Properties does not comment on speculation,” said a spokesperson for the company.

Studio Management Services Inc., the ownership partnership led by Alan Singer, did not return requests for comment.

HPP’s new developments in Hollywood include Icon and Cue, two office buildings on the Sunset Bronson lot that total 420,800 square feet and are fully leased to Netflix. They will be completed by the end of the year.

Hudson plans to break ground on a third 300,000-square-foot mixed-use office building, dubbed Epic, this year. It also has two mixed-use redevelopment projects underway in the Arts District, and L.A. holdings that include properties in Santa Monica, Beverly Hills and Brentwood.

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