Atlas Capital plans $650M soundstage complex in DTLA

Developer to transform former LA Times plant as demand for production space grows

Los Angeles /
May.May 19, 2021 09:30 AM
An aerial view of the site (Google Maps, iStock)
An aerial view of the site (Google Maps)

Move over Hollywood, all of Los Angeles is a stage.

Atlas Capital Group is planning a $650 million soundstage complex in Downtown, on a sprawling property it bought in late 2019 that still houses the Los Angeles Times printing plant.

The firm is expected to file plans Wednesday for the $650 million development project, according to the Times. The two-phase project would have 17 soundstages on the property’s 26 acres. The project would include 300,000 square feet of production workspace, 212,000 square feet of office space and a nine-story parking garage.

Atlas paid $240 million for the site, which includes over 630,000 square feet of manufacturing and distribution space.

The property was built in 1988, and is on Olympic Boulevard along the Santa Monica Freeway. A group led by Harridge Development sold Atlas the property, just three years after purchasing it.

The project’s first phase would add six soundstages across five buildings on parking lots surrounding the former plant, allowing the Times to continue to use the printing facility. The paper left its longtime DTLA office headquarters for El Segundo in 2018, shortly after it was acquired by Dr. Patrick Soon-Shiong.

Atlas’ second phase would see the Times depart. The three-story printing plant would be converted into another 11 soundstages, along with offices and other space, according to the report. The newspaper’s lease expires at the end of 2023, but the Times has the option to extend for a decade.

The last few years have been a golden age for Hollywood production studios and soundstages. Developers have been scrambling to capitalize on the demand across L.A., from the likes of Netflix, Apple and Amazon.

Hackman Capital Group has built up a $4 billion portfolio of entertainment-related real estate over the last several years. It announced two new projects this year: an expansion of NBC Universal’s office campus and a $1.25 billion redevelopment of CBS Television City.

This month, Bardas Investment Group said it plans to build a $450 million production and office complex from a former Sears store in Hollywood.

[LAT] — Dennis Lynch


Related Articles

arrow_forward_ios
Clockwise from top left: Harrison Street CEO Christopher Merrill, 2825 Santa Monica Boulevard, Stockdale Capital Partners' Steven Yari and Shawn Yari and 9090 Wilshire Boulevard (Harrison Street, Stockdale Capital Partners) 
Harrison Street buys Westside medical offices for $156M
Harrison Street buys Westside medical offices for $156M
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
East End Capital's Jonathon Yormak and David Peretz and the southeastern corner of South Alameda Street and 6th Street (East End, Google Maps)
East End Capital plans second studio complex in Arts District
East End Capital plans second studio complex in Arts District
From left: Aron and Efram Harkham in front of 2625 Townsgate Road (LinkedIn/Aron Harkham, Luxe Hotels & Harkham Ventures, iStock)
Harkham family buys Westlake Village creative office
Harkham family buys Westlake Village creative office
Spring Place's Christian Toraldo Spring Place in Beverly Hills (Twitter, Spring Place)
Beverly Hills co-workspace faces sanctions on charges of hard partying
Beverly Hills co-workspace faces sanctions on charges of hard partying
Hudson Pacific Properties' Mark Lammas and Harout Diramerian (Hudson Pacific, iStock, RIOS)
Hudson Pacific posts loss, downplays Netflix woes
Hudson Pacific posts loss, downplays Netflix woes
A rendering of Brookfield's 60-story residential tower, entitled "Beaudry," along with a photo of its namesake, Prudent Beaudry, a popular mayor of Los Angeles from the 19th century (Brookfield Properties)
Brookfield calls DTLA tower Beaudry
Brookfield calls DTLA tower Beaudry
 GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)
GPI looks for big return on 110K sf Burbank medical complex
GPI looks for big return on 110K sf Burbank medical complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...