In the midst of two strikes affecting writers and actors in Hollywood, Paramount has exited its lease for Showtime’s headquarters in West Hollywood.
Paramount terminated a 10-year lease for 50,000 square feet at CIM Group’s The Lot at Formosa, located at 1041 North Formosa Avenue, according to Commercial Observer, which cited sources familiar with the matter. Financial terms of the lease were not disclosed.
Paramount, which owns the cable television channel Showtime and is in the process of merging the network with its Paramount+ streaming service, has leased the space since 2019. Showtime exited a Douglas Emmett building in Westwood to move its headquarters to the CIM-owned building.
The Lot at Formosa is a 540,000-square-foot office and soundstage complex. CIM Group has reportedly been trying to sell the property since last summer.
In 2021, HBO and HBO Max signed a long-term lease for about 161,000 square feet of soundstages and production office space. With that deal, CIM filled all seven soundstages at the complex.
Other tenants at the campus include Live Nation, Discovery and the Oprah Winfrey Network.
L.A. has never seen so much office space on the market. About 27 percent of all office space across L.A. County was available at the end of the second quarter, according to Savills.
And most of that availability has come from an uptick in sublease space. Almost 2 million square feet of space has been put on the market over the last year, according to Savills.