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The Real Deal Los Angeles

Siren Studios sells Hollywood HQ for $60M

Plus Development tapped to lead the renovation
November 29, 2017 09:30AM

Siren Studios and Tyrone Mckillen (Credit: Hilton & Hyland, Siren Studios)

Siren Studios has sold its Hollywood home to local investor Maggie Gong for about $60 million.

Gong, who controls the entity 6061-6087 Sunset Trophy LLC, tapped luxe developer Plus Development to lead the renovation of the 1.7-acre creative campus at 6061 – 6087 W. Sunset Boulevard, set to occur once BuzzFeed’s video unit moves out next April, CoStar reported.

Plus Development, led by Tyrone McKillen and Christopher Carlin, said the existing 70,000 square feet of office and retail space currently on-site could see a new tower with live-work units. More than 350,000 square feet could potentially be built on the site, said McKillen. The developers are also leading the redevelopment of the esteemed Owlwood Estate in Holmby Hills, now brought under the limelight for its association with under-investigation Robert Shapiro.

The buyer is in negotiations with major production companies, according to Plus Development’s director of development Andrew Hurley.

Siren Studios acquired the site in 2011 for $8.35 million, property records show. The company then refinanced the former Technicolor property in 2014 with Beverly Hills’ United Security Investors for $34.3 million, roughly double the estimated sale price today.

Hollywood’s next big tenant would join Netflix and Viacom, who have been snagging up space in the revitalizing neighborhood. Streaming giant Netflix signed for another 43,000 square feet at Hudson Pacific Properties’ Sunset Tower this summer, adding to its total footprint of 458,000 square feet at the site. Viacom signed a 12-year lease for the Columbia Square building at the corner of Sunset Boulevard and Gower Street.

One thing is certain — the space won’t be vacant too long. Studio facilities in Hollywood have been operating at nearly 100 percent on average, JLL’s Carl Muhlstein told the Los Angeles Times this summer. And thanks to the rising popularity of online videos, demand is far outstripping supply. [CoStar]Natalie Hoberman