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. HPP and Blackstone expect to invest $170 million to $190 million to develop the complex, eyeing a completion by the third quarter of 2023. Bardas Investment Group in May announced plans to build a 350,000-square-foot soundstage-and-office complex in Hollywood. A rendering of office space next to soundstages at Sunset Glenoaks Studios. Last week, Gov. Hudson Pacific, Blackstone To Build Sunset Glenoaks; Partners - Yahoo Sen. Bill Cassidy, R-La., on Sen. Kyrsten Sinema speaking out against President Biden's push to change the filibuster. A joint venture between builder Hudson Pacific Properties Inc. and investment firm Blackstone will create the 240,000-square-foot Sunset Glenoaks Studios movie and television production facility in Sun Valley by the third quarter of 2023, according to a statement from the developers.The movie production campus will cost between $170 million and $190 million. Los Angeles Soundstages Can't Keep Up With Demand: "It's - MSN Subscribe to Deadline Breaking News Alerts and keep your inbox happy. The developers expect to complete the project in the third quarter of 2023. The . That sets up a race for productions to lease out space in newly built soundstages before the credit funding is exhausted. The project includes seven sound stages totaling 136,000 s.f, four production office buildings totaling 91,000 s.f. Its expected to be complete by the third quarter of 2023. We use cookies for anonymous analytics and operational purposes: information we share with our affiliates and our service providers is solely for purposes of advising us on the nature and extent of our website traffic for marketing and security purposes. Beautiful hardwood floors, quartz counters, and shaker cabinets bring the kitchen to life, while also featuring a countertop bar to dine at, or dine at the dining table surrounded by windows. COPYRIGHT 2020 KIMBERLINA WHETTAM & ASSOCIATES. PARTNER CONTENT. 22281 Tupelo Pl, Boca Raton, FL 33428 | Redfin In order to expand their studio platform joint venture, Hudson Pacific Properties and Blackstone (BX +0.3%) announced to develop Sunset Glenoaks Studios, a fully entitled, state-of-the-art . The surge in video-on-demand streaming provoked an insatiable appetite for media-oriented real estate such as studios and offices, according to real estate brokerage CBRE. Sunset View at HSR layout #shorts #shortsvideo #shortsfeed #bengaluru # The Sunset Studios brand already includes three existing studios in Hollywood Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios also jointly owned by Hudson Pacific and funds managed by Blackstone in a deal announced a year ago. The firms also announced the planned development in a news release. Hudson Pacific and Blackstone aren't the . storage and mill shop for set and prop construction. Recessed lighting in kitchen and living room. We are leveraging our development and studio operations expertise to further expand Sunset Studios facilities here in Los Angeles, where demand from leading content creators for top-notch, fully integrated sound stages and support space continues to significantly outpace supply., Future location of Sunset Glenoaks StudiosGoogle Maps. 1. BPI Universal. , president of Hudson, said during the quarterly earnings call that the firm expects Sunset Glenoaks to generate approximately $15 million of new annual income once its operational. Sunset Studios is one of the largest independent studio operations in Los Angeles and manages almost half of all studio space in Hollywood. The pair own Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios, all historic studios in Hollywood that have been updated and lease production facilities and offices to people in the entertainment industry. Sunset Glenoaks is a perfect example of our long-term strategy with Blackstone to buy and transform existing facilities and to build new, state-of-the-art studios within Los Angeles and other high-priority production markets weve identified for expansion, Hudson Pacific Properties Chairman and CEO Victor Coleman said in a statement. We are leveraging our development and studio operations expertise to further expand Sunset Studios facilities here in Los Angeles, where demand from leading content creators for top-notch, fully integrated sound stages and support space continues to significantly outpace supply, Coleman said in a statement. While demand for studio space in Los Angeles remains high, the seven-year gap between approvals and construction may be perfect timing for the Sunset Glenoaks project. 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. In November 2004, Sunset Gower Studios was purchased by GI Partners for an estimated $105 million, and in 2006 began construction on a six-story building for Technicolor SA. Victor Coleman, chairman-CEO of Hudson Pacific called Sunset Glenoaks a perfect example of our long-term strategy with Blackstone to buy and transform existing facilities and to build new, state-of-the-art studios within Los Angeles and other high-priority production markets weve identified for expansion.. Sunset Glenoaks Studios will have seven soundstages for the production of movies and television shows when it opens in late 2023, developers Hudson Pacific Properties Inc. and Blackstone said. Institutional Investors Zero in on Film Studios' Real Estate Sunset Glenoaks design includes optionality to shoot on a virtual stage; a state-of-the-art power grid designed for LED lighting; and high-speed fiber connectivity with scalable Internet. 2. (15) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Named Sunset Glenoaks Studios, the project will rise on a 10-acre site at 11070 W. Peoria St. and contain seven film and television sound stages ranging from 15,000 to 21,000 square feet, along with production office and support space.It will also join the Sunset Studios brand, which includes three Hollywood studios - Sunset Gower Studios, Sunset Bronson Studios, and Sunset Las Palmas . Its Sunset Glenoaks Studios is . 1 Available. HPP and Blackstone expect to finish Sunset Glenoaks Studios in the third quarter of 2023, according to the announcement. 251 W Dryden St Glendale CA 91202 - Apartment Finder An example of data being processed may be a unique identifier stored in a cookie. Hudson said the development will offer content creators a unique production environment as the first large-scale facility built in the city in more than 20 years. Hudson Pacific and Blackstone already own three facilities in Hollywood: Sunset Bronson, Sunset Gower and Sunset Las Palmas. Seven film- and TV . If Sunset Glenoaks is completed, the JVs Sunset Studios brand would total 42 soundstages and 3.5 million square feet of space, according to the report. A rendering shows a planned movie studio, Sunset Glenoaks Studios, in the Sun Valley neighborhood of Los Angeles. - Sunset Magazine. Is there anything else you'd like to ask 1267 St Ives Pl? Sunset Glenoaks Studio project tilting concrete panels to form the walls of the building! Variety is a part of Penske Media Corporation. Local soundstages have remained leased during the pandemic; location shoots, which had dwindled to a trickle during the worst months of the pandemic, are mounting a comeback. Sunset / Alvarado: 4 min a pie: VER: Glendale / Reservoir: 4 min a pie: VER: Estaciones de Metro cercanas a La Seismic Construction en Echo Park, La. Between 1970 and 1972, Columbia moved from the 14-acre (57,000m2) lot, and joined forces with Warner Bros. in Burbank, then subsequently later moved to the Sony Pictures Studios (formally MGM and Lorimar Studio) in Culver City. Gavin Newsom signed a new $150 million tax credit into law, which is aimed to spur the construction of new production facilities. Sunset Gower Studios is a 14-acre (57,000 m 2) television and movie studio at the corner of Sunset Boulevard and Gower Street in Hollywood, California. Hudson, in partnership with Blackstone, has acquired Sunset Gower, Sunset Bronson, Sunset Las Palmas and is developing Sunset Glenoaks, becoming become one of the largest independent owner-operators of studio space. New York-based RBC Real Estate Capital Partners provided the loan, property records show. Sunset Boulevard adding storage area of 628,000 square feet (58,300m2). Sunset Gower Studios is a 14-acre (57,000m2) television and movie studio at the corner of Sunset Boulevard and Gower Street in Hollywood, California. Among the modern touches will be a power grid designed for LED lighting and high-speed fiber connectivity that will enable productions to send high-resolution video from cameras to on-site editing suites and offices. Responding to the surging demand for state-of-the-art studio space, Hudson Pacific Properties Inc. and Blackstone are teaming up to develop the first large-scale, purpose-built studio in the Los Angeles area in more than 20 years. Other sizable studio projects have already been announced in Los Angeles, including the $450 million Echelon Studios project in Hollywood and the $1.25 billion renovation of Television City in the Fairfax District. Gavin Newsom signed a new $150 million tax credit into law, which is aimed to spur the construction of new production facilities. In 2021 the two announced plans to invest $170 million to $190 million to develop a 240,000-sq.-ft. production studio on the edge of LA, Sunset Glenoaks Studios. The operator of Sunset Studios, Hudson Pacific Properties, has acquired Quixote Studios for $360 million, significantly expanding its footprint in the soundstage business. Our three locations, Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, provide premiere studio production facilities, the latest amenities, sophisticated technology and top notch service. 10-K: HUDSON PACIFIC PROPERTIES, L.P. - MarketWatch Hudson Pacific, Blackstone Launch Big Studio Project The film-and-TV ready stages will range from 15,000 to 21,000 square feet, all with 35 to 40-foot clear heights. In July, Hudson Pacific and Blackstone announced the duo were planning to build a $190 million studio complex across 10 acres on Peoria Street in Sun Valley named Sunset Glenoaks. CEO Victor Coleman said the pandemic accelerated pre-leasing studio demand trends, driving an abundant amount of capital to the tech and media industries., Production spend is anticipated to increase again this year as the battle for streaming service subscribers further intensifies the U.S. and global markets alike, Coleman said. Not all features are available in every apartment. We are excited to share that Quixote has been acquired by Hudson All Rights Reserved. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. New York-based RBC Real Estate Capital Partners provided the loan, property records show. Hudson Pacific Properties and Blackstone Group are planing a nearly $200 million production studio complex in Sun Valley, which would be the second such development in their joint venture. Famed Universal Studios lot will add soundstages as film and TV $190-million office, studio complex coming to the Northeast Valley. Hollywood's Sunset Studio to open new base in Hertfordshire Sunset Glenoaks is located at 11070 West Peoria Street in the Sun Valley neighborhood near Burbank. The Registry-November 2, 2021 0. It would be called Echelon Studios and would replace a long-closed Sears store and parking lot on Santa Monica Boulevard west of the 101 Freeway. and a 30,000 s.f. 1267 St Ives Pl - Los Angeles, CA apartments for rent Construction is expected to be completed in the third quarter of 2023 at a cost of $170-$190 million. Dean Boerner is a California-based writer previously with Bisnow and the San Francisco Business Times. The project is estimated to cost between $180 million and $200 million. provided the loan, property records show. Sunset Glenoaks Studio Project Delayed Long Enough to Get Tax Credit - Variety Hollywood's Sunset Studios, which produced La La Land, Zoolander and the first in the X-Men franchise, has become the latest US movie production house to adopt the leafy . Named Sunset Glenoaks Studios, the project will rise on a 10-acre site at 11070 W. Peoria St. and contain seven film and television sound stages ranging from 15,000 to 21,000 square feet, along with production office and support space. Glen Oaks Big Sur | Fireside rooms, cabins, and cottages in the heart Yes, Scream VI Marketing Is Behind the Creepy Ghostface Sightings Causing Scares Across the U.S. David Oyelowo, Taylor Sheridan's 'Bass Reeves' Series at Paramount+ Casts King Richard Star Demi Singleton (EXCLUSIVE), Star Trek: Discovery to End With Season 5, Paramount+ Pushes Premiere to 2024. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Lee Watkins - President & COO - Snyder Langston | LinkedIn We and our partners use cookies to Store and/or access information on a device. Golden Gate Point , a 25 acre private peninsula. Hudson Pacific owns Quixote, a leading provider of production services including sound stages, production supplies and transportation vehicles. The project, spread across four hectares, is estimated to cost $170m to $190m, and is expected to be completed in the third quarter of 2023. We are excited to share that Quixote has been acquired by Hudson Pacific Properties. In 1977, the property was purchased by the Pick Vanoff Company for $6.2 million. He noted that demand in LA by leading content creators for top-notch, fully integrated sound stages and support space continues to significantly outpace supply. Last week, Hudson Pacific Properties and Blackstone announced plans for Sunset Glenoaks Studios, a project which would rise from a currently vacant 10-acre site at 11100-11220 W. Peoria Street. To be called Sunset Glenoaks Studios, the fully equipped, state-of-the-art studio facility will be the first large-scale, purpose-built studio in the Los Angeles area in more than 20 years, the companies said. Hudson Pacific, Blackstone Plan Studio Project in Sun Valley Hudson Pacific, Blackstone To Build Sunset Glenoaks; Partners' Fourth LA Studio Project Amid Spiking Demand For Sound Stages. 2021 Sunset Glenoaks Studios. First large-scale, purpose-built studio development in Los Angeles in over 20 years State-of-the-art 240,000-square-foot project to include 7 stages, production office and support space Property to. Sunset Glenoaks film-and-TV ready stages will range from 15,000 to 21,000 square feet, all with 35 to 40-foot clear heights. That project will finally move forward under the ownership of one of the region's biggest owners and developers of production facilities. By purchasing and renovating existing studios as well as building new facilities from the ground up, Hudson Pacific has established Sunset Studios as one of the leading operators of premier, independent, purpose-built studios and related production services in Los Angeles and the UK. It has building amenities including onsite management, fitness center, on site laundry, garage parking, roof deck, and outdoor space. One of the countrys biggest independent studio operators plans a new movie studio in the Sun Valley neighborhood of Los Angeles as demand for soundstages gears up in the region. Hudson Pacific Properties and Blackstone are planning a ground-up studio facility in Sun Valley. Updated kitchen cabinets, ss appliances, granite countertops, built in micro wave, some new light fixtures. The project will include seven soundstages with clear heights of 35 or 40 feet and 120,000 square feet of support space. Our ability to capitalize from a real estate perspective, Chairman & CEO, Hudson Pacific Properties. We are leveraging our development and studio operations expertise to further expand Sunset Studios facilities here in Los Angeles, where demand from leading content creators for top-notch, fully integrated sound stages and support space continues to significantly outpace supply.. Major renovations from flooring to new kitchen, and bathrooms . Continue with Recommended Cookies. Hudson Pacific Properties reported in its fourth-quarter results last week that it secured a $94 million construction loan for a portion of the Sunset Glenoaks studio development with Blackstone.. Hudson Pacific, which entered into its partnership with Blackstone in 2020, owns 42 soundstages and 3.5 million square feet of existing or proposed real estate under its Sunset Studios portfolio, including the existing Sunset Bronson, Sunset Gower, and Sunset Las Palmas properties. New demand for big entertainment-related spaces comes from old-line entertainment companies and newcomer streaming services such as Netflix, Apple TV+ and HBO Max. 2.We own 50% of the ownership interests in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Soundstages are one of the hottest categories in commercial real estate as entertainment production keeps rising. . Sept. 1, 2022 11:12 AM PT. National Investment Companies Plan Sun Valley Studio Development The Los Angeles-based commercial landlord reported $240.5 million in revenue in the fourth quarter of last year, a slight increase compared to the previous quarter. Construction started in fourth-quarter 2021 and will add 241,000 square feet and seven sound stages to Hudson and Blackstones joint Hollywood studio portfolio. Design includes the option to shoot on a virtual stage; a state-of-the-art power grid designed for LED lighting; and high-speed fiber connectivity with scalable Internet. They appealed, and the appeal was denied in 2018. Well maintained complex. Hudson Pacific Properties and Blackstone to Develop - PressReleasePoint In 2014, the City of Los Angeles signed off on a proposal to redevelop a former gravel pit in the Northeast San Fernando Valley with a movie studio. Last updated March 1 2023 at 10:45 AM. Two story completely remodeled. This investment reflects both our high conviction in content creation, a space that is benefitting from strong, secular tailwinds, and our long-term commitment to the Los Angeles market. Square footage may change over time due to re-measurement or re-leasing. Two bedrooms 1 and 1/2 bath townhome for lease in desirable N/W Glendale above Glenoaks. ALL RIGHTS RESERVED. The first major studio built in LA in decades. You will be redirected back to your article in. When Sunset Glenoaks is complete, Hudson Pacific and Blackstones Sunset Studios brand will have 42 soundstages, and the owners said they are pursuing other expansion opportunities in Los Angeles, New York, London and Vancouver, Canada. The operator of Sunset Studios, Hudson Pacific Properties, has acquired Quixote Studios for $360 million, significantly expanding its footprint in the . Hudson Pacific and Blackstone are adding a fourth project to their Sunset Studios family, unveiling plans to build Sunset Glenoaks Studios amid a booming development market for sound stages. What are you most curious about? A large list of successful films were produced during this time, and in 1982, Columbia Pictures Industries, Inc. was sold to The Coca-Cola Company for $750 million.[5]. Hardwood floors throughout refinished. Redefining Studios in Los Angeles - Hudson Pacific Properties
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