Real Estate

Hudson Pacific buys Quixote Studios in $360-million deal

The operator of Sundown Studios, Hudson Pacific Properties, has acquired Quixote Studios for $360 million, considerably increasing its footprint within the soundstage enterprise.

The Los Angeles-based actual property firm stated it anticipated the takeover of Quixote — whose shoppers embody HBO, Walt Disney and NBCUniversal — will assist it meet rising demand for soundstage area.

“Quixote strengthens our attain to seize robust secular demand for studio and associated property, together with extra demand at our Sundown Studios places, and permits us to realize instant economies of scale whereas additional diversifying our consumer base,” Jeff Stotland, government vp of world studios and companies for Hudson Pacific, stated in an announcement.

Quixote was based in 1995 and supplies manufacturing companies in L.A., New York, Atlanta and New Orleans. The corporate, which has 325 workers, operates studios in West Hollywood and Pacoima and close to Griffith Park.

The enlargement of Hudson Pacific’s empire comes as competitors intensifies to offer soundstages, places of work and different manufacturing services to feed a content material growth.

Simply final month East Finish Studios submitted an software to town to construct a brand new studio close to the newly well-known sixth Road bridge in downtown L.A. With 16 soundstages, East Finish Studios’ ADLA Campus can be one of many bigger studio initiatives within the pipeline for Los Angeles County, the place a number of builders are dashing so as to add new services.

Present soundstages within the county have been virtually absolutely rented for years, which may make it onerous for brand new productions to search out locations to work, stated Paul Audley, president of FilmLA, the nonprofit that handles movie permits within the area.

“Even when that backs off, which some folks are actually predicting, we nonetheless don’t have sufficient stage area to take care of that,” Audley stated final month.

The quantity of programming from Netflix, Amazon Prime Video and different streaming platforms has been rising at a median charge of 35% per 12 months, Audley stated.

Different substantial developments embody the redevelopment of Warner Bros. Ranch in Burbank and a brand new seven-soundstage advanced referred to as Sundown Glenoaks Studios within the Solar Valley neighborhood of L.A.

Sundown Glenoaks is being deliberate by Hudson Pacific and its associate Blackstone. The pair personal Sundown Gower Studios, Sundown Bronson Studios and Sundown Las Palmas Studios, all historic studios in Hollywood which have been up to date and lease manufacturing services and places of work to folks within the leisure trade.

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