Production studios are in demand in Los Angeles but so are the multimedia office complexes nearby.
Work is underway on NBC Universal’s 400,000-square-foot office campus at the Universal Studios backlot in Universal City, according to Urbanize.
NBC Universal announced the project in 2019, six years after it was approved as part of a wider redevelopment plan, the report noted. The office portion, set to rise on the corner of Universal Hollywood Drive and Lankershim Boulevard, will be completed in 2023.
The office development calls for the construction of new buildings, along with additions to existing structures. The new development will include an 11-story office building with 331,000 square feet of space, an 84,000-square-foot employee center and an eight-story parking lot for more than 1,200 vehicles.
Offices, food services, conference facilities, and screening rooms will be added to existing structures, according to Urbanize. House & Robertson Architects and LEVER Architecture are designing the campus.
The project is one of many studio and production-focused office developments in the works around Los Angeles. They have been fueled by the rise in original content on streaming platforms from Amazon, Netflix, Apple and Disney.
Investors are pouring money into the sector and the pandemic has only boosted consumer demand for that content.
Last month, Hackman Capital Partners said it was buying Sony Pictures Entertainment’s animation campus in Culver City. Hackman is among the most bullish studio and production real estate investors, with a growing entertainment portfolio currently worth $4 billion.