Netflix Completes Largest Hollywood Office Lease
- Aug 31, 2015
Netflix revolutionized the way we watch TV shows and movies, but that revolution needs space. The streaming service recently announced it completed a leasing agreement with Hudson Pacific Properties to occupy space at the real estate company’s ICON office tower along the Sunset Corridor. The lease is the largest agreement of its kind in terms of space taken to be completed in the Hollywood submarket.
Set to occupy 200,052 square feet of space at the Hollywood tower, Netflix is working with Mayor Garcetti’s business team to secure relocation and permit approvals. The ICON tower is part of a $200 million creative office development that is taking shape in Hollywood’s Sunset Corridor.
ICON is a 14-story development project totaling 323,000 square feet of space. The LEED Gold certified development is up for completion in the winter of 2016. The Sunset Bronson Studios master-plan is set to also include a five-story 96,000-square-foot creative office building and a 1,600-space parking structure.
Netflix CFO David Wells noted that “the property’s combination of office, stage and production space provides an ideal setting.” The move signals an important era for the city, as L.A. fights to maintain and expand a tech-city image. Silicon Beach has done plenty to keep the area in the loop in terms of the tech boom, but generalizing the trend to other submarkets is necessary for that purpose.