HPP intends to build 575K sf development on Hollywood Center Studios lot

Los Angeles /
Feb.February 28, 2017 02:17 PM

It’s really happening in Hollywood.

Earlier this month, The Real Deal first reported that Hudson Pacific Properties was in advanced talks to acquire Hollywood Center Studios from Studio Management Services. Now, the parties are in contract, and the deal is slated to close in the second quarter of this year, with HPP planning a 575,000-square-foot development on the site, according to a Monday filing with the U.S. Securities and Exchange Commission.

HPP will acquire the nearly 15-acre, 369,000-square-foot studio media and entertainment campus at 1040 N. Las Palmas Avenue for $200 million, or $542 per square foot. The site includes 12 sound stages on Santa Monica Boulevard, near the REIT’s other studio holdings: Sunset Bronson Studios and Sunset Gower Studios.

Another firm tried to acquire the property from Studio Management, the ownership partnership led by Alan Singer, for roughly $20 million less, sources said. But HPP attributed $25 million of the sale price to the unoccupied and developable land on the site, where it plans to build a project if it can successfully entitle it, according to the filing.

The studio space on the lot is fully leased. HPP plans to spend up to $15 million to renovate it, according to an analyst’s report on the filing.


Related Articles

arrow_forward_ios
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

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

Loading...