Netflix is upping its Hollywood footprint, leasing the remaining five floors of the 323,000-square-foot Icon office building at Sunset Bronson Studios.
Hudson Pacific Properties said the majority of additional space Netflix is leasing in the Icon tower is at the same rental rate, and a portion at a higher rental rate. The $200 million Icon office tower is currently under construction, slated for completion in the third quarter of 2016.
Netflix has signed a 10-year lease for the Icon facility, commencing after construction is complete.
“Our Netflix deal remains the largest lease ever signed in Hollywood in terms of square feet,” Victor Coleman, chairman and CEO of Hudson Pacific Properties, said in a statement. “This is a landmark deal for Hollywood, for our company, for the project and Sunset Bronson Studios. The number of companies looking to be in Hollywood has shown no signs of slowing, so there’s still a lack of supply competitive to our product.”
The Icon building is located on a 4.4-acre site at the northeast corner of Sunset Bronson Studios lot, in the West Hollywood-Burbank media corridor one block west of the 101 freeway. The building, designed by Gensler Architects, includes 45-square-foot column free spans, 14-foot ceilings, floor-to-ceiling windows with panoramic views and terraced balconies on multiple floors.
Hudson Pacific’s other projects under way at Sunset Bronson Studios include a 1,600-space parking structure and a five-story, 96,000-square-foot production facility called The Hub. Those are scheduled for completion in late 2016.
The Sunset Bronson site is the original location of Warner Bros. Studios, where such landmark films as “The Jazz Singer” were filmed.
Also Thursday, Hudson announced that for its six-story Pinnacle I building in Burbank, Calif., iHeartRadio had renewed its 75,214-square-foot lease. Fox Twentieth Television has taken a lease on Pinnacle I’s remaining 31,588 square feet of space. Warner Bros. Entertainment leases all of Pinnacle II at the same site.