The 240,000-square-foot Sunset Glenoaks Studios project will include seven film- and TV-ready soundstages, production office and support space with more than 10 acres at 11070 West Peoria Street in the Sun Valley neighborhood. On May 19, 2022, the Company purchased a parcel of land at Sunset Gower Studios that was previously encumbered by a ground lease for a total purchase price of $22.0 million, before certain credits . Plans are for 120,000 square feet of stage-adjacent support space as well as offices with hillside views, a large mill (area where productions can construct sets), 450 parking stalls and generous truck loading. (16) Skyway Landing was sold on February 6, 2023. Dubbed Sunset Glenoaks Studios, the 240,000-sq-ft, 10-acre project will house seven stages, ranging from 15,000 to 21,000 sq ft with 35-ft or 40-ft clear heights. in the Sun Valley neighborhood near Burbank. Variety and the Flying V logos are trademarks of Variety Media, LLC. A rendering of a soundstage at the planned Sunset Glenoaks Studios in Sun Valley. We do not sell and will not sell any personal information. , 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 Glenoaks will be Hudson Pacific and Blackstones fourth studio development together the firms already own Sunset Gower, Sunset Bronson and Sunset Las Palmas in Hollywood giving it 42 soundstages altogether. 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. Preconstruction and construction services for a new studio campus on 10 acres. HPP and Blackstone expect to invest $170 million to $190 million to develop the complex, eyeing a completion by the third quarter of 2023. Last week, Gov. COPYRIGHT 2020 KIMBERLINA WHETTAM & ASSOCIATES. The film . The timing almost could not have worked out better. 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. The Los Angeles area already ranks as the worlds leader in soundstage capacity with more than 5.2 million square feet of certified space, FilmLA data show. A CERTIFIED LOS ANGELES SLB. Last updated March 1 2023 at 10:45 AM. AVILABLE April 1, 2024 THROUGH December 31, 2024. 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. Hudson Pacific's Sunset Studios has revolutionized the studio for those revolutionizing content. 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Cole: This Song Opens a Door to My Next Chapter, Britain's $4 Billion Boss: ITV Chief Carolyn McCall Bets It All on Talent, 2023 Music Festivals: How to Buy Tickets to Coachella, Governors Ball, Lollapalooza and More. 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. The project will cost as much as $190 million, and work is set to begin this year. It will also join the Sunset Studios brand, which includes three Hollywood studios Sunset Gower Studios, Sunset Bronson Studios, and Sunset Las Palmas Studios also owned by HPP and funds managed by Blackstone. Signup for Breaking News Alerts & Newsletters. The studio will comprise approximately 240,000 square feet on more than 10 acres, making it the first large-scale purpose-built studio development in Los Angeles in decades. Hudson Pacific Properties and Blackstone Group are set to build what they're calling Sunset Glenoaks Studios for $170 million to $190 million an approved soundstage development to add to its prized Sunset Studios portfolio and the overall race for content creation space in the L.A. area. 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. Drop us a Note: Developer Plans Larger Version Of 900-Plus-Unit Project Along L.A. State Historic Park, Kaiser Permanentes East Hollywood Expansion Design Takes Shape, Kitchen United Mix is Now Open in Santa Monica. The partners said the operation will prioritize sustainability, health and wellness including EV charging stations, bike parking and showers, and will be 100% carbon neutral. Construction started in fourth-quarter 2021 and will add 241,000 square feet and seven sound stages to Hudson and Blackstones joint. A rendering of office space next to soundstages at Sunset Glenoaks Studios. The lot, in the meantime, sat fallow. Since 2007, the studio has been undergoing both interior and exterior improvements on the lot. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[580,400],'whatnowlosangeles_com-medrectangle-3','ezslot_0',133,'0','0'])};__ez_fad_position('div-gpt-ad-whatnowlosangeles_com-medrectangle-3-0'); The total development cost for Sunset Glenoaks Studios is expected to be between $170 million and $190 million, according to the recent announcement. RBC is one of many institutional lenders cashing in on studio development. The project to expand production at Television City comes as shortages keep the regions existing soundstages booked year-round. 2. Is there anything else you'd like to ask 1267 St Ives Pl? It will be the fourth such property managed by the two firms, and bring their total to 42 sound stages. 2.We own 50% of the ownership interests in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Start your search today. said the pandemic accelerated pre-leasing studio demand trends, driving an abundant amount of capital to the tech and media industries., 5 Questions With Mast Capitals Camilo Miguel. All new a 2 bedroom and 1/1/2 bath. Get our latest storiesin the feed of your favorite networks. 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. Future location of Sunset Glenoaks Studios, the $1.25-billion Television City 2050 plan, a $650-million complex proposed for the L.A. Times Printing Plant site in Downtown. Baskin-Robbins adds a hint of waffle, and voila, Newsom, IRS give Californians until October to file tax returns, Federal Reserve officials sound warnings about higher rates. 2021 Sunset Glenoaks Studios. In August of last year, just after the firms announced Sunset Glenoaks, the companies scored $1.1 billion in refinancing for the entire studio portfolio from Bank of America, Wells Fargo and Societe Generale. Kaiser Permanente plans to move 1,200 administrative jobs from . - by Travel + Leisure and Travel + Leisure Staff. [2][3] Following success and a move into feature films, in 1926, CBC (under its new name of Columbia Pictures), acquired a Gower Street property with stages previously used by California Studios. The project includes EV charging stations, bike parking, and showers, and will be 100% carbon neutral. 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. With Hudson Pacific, Blackstone is developing the $190 million, 240,000-square-foot Sunset Glenoaks Studios in Sun Valley. 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. (15) We own 50% of the ownership interest in the unconsolidated joint venture that owns Sunset Glenoaks Studios. Quixote affords stage tenants and other productions a more full-service solution and expands Hudson Pacific's reach to capture production-related demand in Los Angeles and other key US media markets. 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. Established in 1912, it continues today as Hollywood's largest independent studio and an active facility for television and film production on its twelve soundstages. They also claimed that the facility conflicted with the zoning, and that the site should remain open space. They appealed, and the appeal was denied in 2018. , Second Gentleman Doug Emhoff To Headline Starz and MPA Event On Importance Of Women Leaders In Government And Entertainment, Tom Sizemore Dies: 'Saving Private Ryan' & 'Black Hawk Down' Star Was 61; Reactions + Career In Photos, Will Moviegoers Lend An Ear To Children Of The Corn Remake? What are you most curious about? (W)e do not believe that the project being entitled prior to the legislations signing would preclude Sunset Glenoaks tenants from benefiting from these new tax credits, said Jeff Stotland, senior vice president of global studios at Hudson Pacific, in a written response. The home is located at the end of the cul de sac. This year, they plan to start . 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. . By executing on our vision to deliver high-quality sound stages alongside a robust array of production services, we've created a premier, streamlined solution for today's leading media companies. . In August 2007, Sunset Gower Studios was bought by Hudson Capital. That would make it much cheaper to shoot there than at pre-existing facilities. For a time stages 12 and 14 became indoor tennis courts. It will have seven soundstages, offices and other production facilities on 10 acres. Amid a production rise fueled by Hollywood's pivot to streaming, the need to lock in filming space is becoming more critical and a soundstage boom is overtaking the Southland, with . The film-and-TV ready stages will range from 15,000 to 21,000 square feet, all with 35 to 40-foot clear heights. It will cover 240,000 square feet on over 10 acres with seven sound stages. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. 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