Netflix is growing by leaps and bounds, so it needs more space for its endeavors. For this, it has signed a big office lease in Hollywood, complementing its big Hollywood content ambitions. This lease by Netflix is the largest in Hollywood to date in terms of square footage and is double the space leased by Netflix in Beverly Hills, says a report from The Hollywood Reporter.
Netflix could use the space for its originals
The leased area measures 200,000 square-feet and is located in the ICON office tower at Sunset Bronson Studios on Sunset Boulevard. The property belongs to Hudson Pacific Properties.
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One of the oldest studio lots will be used by one of the latest entrants to Hollywood for carrying out its operations. Sunset Bronson Studios once belonged to Warner Bros. and was used in The Jazz Singer in 1927. The studio offers more than 105,000 square-feet of stage space.
Netflix could use the vast stage space at ICON for the production of its original series. Over the past few years, the streaming firm has ramped up its original content development. It has also chosen Los Angeles for shooting several of its original shows, including Arrested Development and Grace and Frankie. Upcoming shows Fuller House, The Ranch and original film Pee-wee’s Big Holiday are being shot there.
Hollywood community to benefit
Hudson Pacific Properties spent $200 million on the development of the 14-story ICON building, and it is among several developments under construction along the Sunset Corridor. After completion by next year, it will offer 323,000 square-feet at Sunset Bronson Studios.
Hudson Pacific Properties CEO Victor Coleman said they welcome Netflix to ICON, which is part of a unique creative campus located at the center of Hollywood’s renaissance. “ICON’s innovative architecture, sustainable design and access to top-of-the-line sound stages and production facilities are perfect for next-generation tech and media companies like Netflix,” said Coleman.
Expressing his pleasure about the lease deal, Mayor Eric Garcetti said that for innovative tech and creative companies, Los Angeles is still the preferred destination, and this fact has been reaffirmed by Netflix’s decision to relocate and expand at the ICON office tower and “that the future of the entertainment industry will call Hollywood home.” The Hollywood community stands to benefit from this move made by Netflix as it will bring more high-paying jobs with it, Garcetti said.