The US arm of Chinese investment firm Gemdale and Los Angeles-based LaTerra Development have put an office campus fully leased to Netflix on the sales block.
The sellers are asking around $90 million for a 75,600-square-foot Hollywood office complex that comes with land for additional development. Newmark’s Kevin Shannon is marketing the sale.
The listing comes amid a boom for content creation, an ongoing trend that got an extra spur from people consuming swaths of TV shows and movies at home during the pandemic.
Located at 1350 North Western Avenue, the complex could accommodate another 109,000 square feet of development on the extra land, according to Newmark.
The campus is fully leased to Netflix through June 2027.
The developers teamed up to build the complex in 2015, marking Gemdale’s first venture into Los Angeles. Gemdale did not immediately respond to a request for comment.
Netflix moved into the building in 2019, after first subleasing 68,000 square feet of space formerly leased to ZestFinance.
The streaming giant then spent over $10 million on renovations to the building.
Netflix also occupies almost 400,000 square feet of space across Hudson Pacific Properties and Blackstone’s portfolio of studios across Los Angeles, as well as 100,000 square feet at LPC West’s 817 Vine Street. Last year, it signed a lease for 171,000 square feet in Burbank, for its own animation studio.