The 240,000-square-foot Sunset Glenoaks Studios is slated to include seven soundstages, offices, and other support space on 10 acres at 11070 W. Peoria Street, according to Commercial Observer. The firms also announced the planned development in a news release.
HPP and Blackstone expect to invest $170 million to $190 million to develop the complex, eyeing a completion by the third quarter of 2023.
The complex is the second large project the two firms have undertaken since HPP sold a 49 percent stake in its studio portfolio to Blackstone last year.
The “Sunset Studios” branding follows the branding of three other large production facilities they own — Sunset Gower Studios, Sunset Bronson Studios, and Sunset Las Palmas. HPP and Blackstone secured approval last November for their 500,000-square-foot expansion of Sunset Gower in Hollywood.
HPP owns roughly 20 percent of all leasable soundstage space in Los Angeles County, making it one of the largest studio investors in L.A. along with Hackman Capital Partners.
If Sunset Glenoaks is completed, the JV’s Sunset Studios brand would total 42 soundstages and 3.5 million square feet of space, according to the report.
But HPP and Blackstone could have more competition in a few years. Bardas Investment Group in May announced plans to build a 350,000-square-foot soundstage-and-office complex in Hollywood.
Two big projects recently surfaced in Downtown L.A. — Atlas Capital Group wants to convert a former Los Angeles Times printing plant into a 17-stage campus, while East End Capital is planning a 237,000-square-foot complex closer to the Arts District.
[CO] — Dennis Lynch