UPDATED, June 27, 12:22 p.m.: Jamison Services has a new long-term tenant at its Studio City office property.
The post-production and distribution company Advanced Digital Services signed a 10-year lease for 23,000 square feet at 3575 Cahuenga Boulevard. The deal is worth $10.3 million. Lee & Associates, which announced the deal, also brokered the lease.
The distinct boxy office building sits off the west side of the Cahuenga Pass along the 101 Freeway. It was built in 1981 and spans 147,300 square feet. Jamison owns the property through a limited partnership entity.
Advanced Digital Services will relocate from an office in Hollywood. The company encodes and packages media for Netflix and Apple iTunes. It also provides editing and restoration services.
The core of Jamison’s massive office portfolio is in Koreatown, where the firm was started and is headquartered, but it has numerous properties in other parts of Los Angeles.
The firm has redeveloped and repurposed some of its aging office buildings for residential in recent years. In April it scored a $54.5 million loan from Bank of America to convert a Koreatown office building into a 248-unit apartment building.
Lee & Associates partners Darren Casamassima and Scott Romick represented Jamison in the deal, while Newmark Knight Frank’s Greg Frankovich and Steven D. Kolsky advised Advanced Digital Services.
Correction: Lee & Associates initially misstated the value of the deal as $7 million. It was worth $10.3 million.