Hudson Pacific Properties is now the nation’s largest independent studio operator

A building at Hollywood Center Studios (via wiki) and HPP CEO Victor Coleman (via HPP)
A building at Hollywood Center Studios (via wiki) and HPP CEO Victor Coleman (via HPP)

Hudson Pacific Properties’ $200 million deal to acquire Hollywood Center Studios  — which The Real Deal first reported in February —  closed on Monday, making the Los Angeles-based REIT the largest independent studio operator in the country.

The company, led by CEO Victor Coleman, renamed the nearly 15-acre, 369,000-square-foot campus at 1040 N. Las Palmas Avenue  “Sunset Las Palmas,” and plans to maintain its business model, renting its spaces out to various productions, the Los Angeles Times reported.

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HPP also plans to start construction by the end of the year on a 100,000-square-foot office building and a 350-space parking garage on the site, which are part of more than $50 million of planned improvements, Coleman told the L.A. Times.

The developer planned 575,000-square-feet of development on the campus, according to a February filing with the U.S. Securities and Exchange Commission. [LAT] — Hannah Miet

 

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