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Showtime signs deal for 45K sf at Formosa West in Hollywood: sources
The premium cable channel will occupy 2 floors in a new creative office building
Showtime has found its new “Homeland.”
The network has leased 45,000 square feet at the newly-constructed Formosa West, located at the historic Lot in Hollywood, The Real Deal has learned. The move is part of a recent flurry of activity for entertainment companies, which have been gobbling up office space in the battle for original content.
CIM Group is wrapping up construction on the five-story creative office building, designed by Studio One Eleven. Showtime will occupy two floors. The 108,000-square-foot complex will have studio gate access on every floor, floor-to-ceiling windows and parking for 250 vehicles.
The premium cable network now occupies the 15th and 16th floors of the Oppenheimer Tower, located at 10880 Wilshire Boulevard in Westwood. The space is listed for lease with an available move-in date of January 2019, according to CoStar.
The Lot, which houses the Formosa West and the 96,000-square-foot Formosa South, has been attracting several high-profile tenants, including Oprah Winfrey’s OWN Network and Will Ferrell’s Funny or Die production company. The existing property at the corner of Santa Monica Boulevard and Formosa Avenue includes seven sound stages, an on-site production facility and a gym.
JLL listing brokers were Carl Muhlstein, Hayley Blockley and Nicole Mihalka. JLL, Showtime and CIM Group did not respond to requests for comment. A representative from Cushman and Wakefield — which represented Showtime — declined to comment.
As entertainment and technology companies continue to stake their claim for original programming, several have signed deals for more office space recently. Most notably, Amazon and Apple have been gobbling up space in Culver City. Netflix has also been expanding its reach at Hudson Pacific Properties’ Sunset Bronson Studios in Hollywood.
Showtime is behind shows like “Homeland,” “The Affair” and “Shameless.” Its parent company, Showtime Network, is a subsidiary of CBS Corporation. TRD reported that CBS, amid talks of a merger with Viacom, is seeking a buyer for its massive campus on Fairfax.