Mobile media streaming startup Quibi is the latest tenant at Jerry Snyder’s Hollywood 959 complex.
The company signed a 10-year, 49,000-square-foot lease at the West Wing building, with plans to establish its headquarters there sometime early next year.
Quibi is working out of a temporary space at Hollywood 959 — at 959 Seward Street — a complex that spans 245,000 square feet across two buildings. Neither party revealed lease terms.
Quibi’s new space is in the five-story West Wing building, joining Bold Films and co-working firm Serendipity Labs, which a 36,000-square-foot lease in March, among other tenants. Deluxe Entertainment Services signed a 47,000-square-foot lease there earlier this month.
Quibi is short for “quick bites” and is a subscription service much like Netflix, but specifically for videos under 10 minutes. The company changed its name from NewTV this month. The company was founded by producer Jeffrey Katzenberg and its CEO is Meg Whitman, former CEO of eBay and Hewlett Packard. The company has raised more than $1 billion in funding, according to the Los Angeles Times.
Developer Jerry Snyder is a mainstay in the Los Angeles real estate scene. He’s been pursuing a development project at his SAG-AFTRA Plaza property on Wilshire Boulevard for years and this year changed the project over to residential from office. He refinanced in May and two months later secured a $117 million construction loan from Maryland-based CapitalSource for the 20-story residential tower.