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LA North Studios signs 71K sf deal in Valencia
Deal marks fifth for three-year-old firm in tight market for sound stages
LA North Studios has leased a property in Valencia for its fourth complex in Santa Clarita and its fifth studio across Los Angeles.
The firm, founded by Anthony Syracuse and John Prabhu in 2019, leased a 70,550-square-foot industrial complex at 28525 Witherspoon Parkway, according to CBRE, which brokered the deal.
With the deal, LA North Studios now has a total footprint of more than 460,000 square feet across the county.
Golden Westminster Investments and Desert Orchard, a limited liability company linked to Hawthorne-based investor Daniel Bani-Esraili, own the property, which will be converted into soundstages for film and television.
“By converting industrial buildings into stages, we’re able to deliver highly functional, cost-efficient stages in substantially less time than purpose-built facilities,” LA North Studios’ Anthony Syracuse said in a statement.
The complex was previously leased to MechanixWear Gloves.
Given Los Angeles is an infill market, finding land to build soundstages is nearly impossible. As streaming services multiply, firms have turned to repurposing older industrial facilities, though they have had to compete with industrial tenants in a market segment below 1 percent vacancy rates.
LA North Studios has leased three studios in the last year and five since its founding. Last month, the firm leased its fourth soundstage at IAC Commerce Center — a 1 million-square-foot industrial park at 29051 Avenue Valley in Santa Clarita. Other tenants at the property include Amazon, Lief Labs and Covercraft.
The Santa Clarita Valley is an ideal location for soundstages, given it’s within the “30 mile zone” for r standard Hollywood production wages. The area currently has more than 40 soundstages and 10 movie ranches, according to the Santa Clarita Film Office.