The e-sports industry has been taking off and the owners of a recently renovated studio in Glendale are taking advantage.
Hileman Cowley Partners and LLJ Ventures are selling their 66,700-square-foot e-sports facility with a long-term lease from Comcast for $53.5 million, Commercial Observer reported.
Nuveen will pay around $815 a foot for the complex at 1840 Victory Boulevard near the Burbank border. The property is surrounded by several production studios and offices that include Disney, Netflix and Warner Brothers.
Comcast Spectator, which manages sports and entertainment venues and franchises, has a lease that extends through early 2032. The company plans to sink another $12 million into improvements, according to the report.
Before its renovation, the Victory Boulevard property had been a traditional production studio, where “The Ellen DeGeneres Show” was filmed among others.
E-sports — a term for video game competitions — has grown significantly over the last decade and like most computer-based industries, experienced an added boost from the pandemic.
CBRE reported that L.A.-based e-sports and video game production companies attracted $1.1 billion in venture capital funding last year, more than even social media firms, CO reported.
Hackman Capital Partners in 2019 bought a production studio in Manhattan Beach, home to several traditional studios and an e-sports arena. The Los Angeles Times headquarters in El Segundo was planned with an e-sports arena as well.
[CO] — Dennis Lynch