Netflix is planning to colonize more Los Angeles office space, right in the heart of Hollywood.
The company inked a long-term lease with Kilroy Realty for about 355,000 square feet at the Academy on Vine site, meaning Netflix will occupy all the space in the three office buildings being built on the property. The buildings are currently under construction and slated to open in mid-2020.
The Academy on Vine mixed-use development occupies a 3.5-acre full-city block, at 1341 Vine St. in Hollywood. Kilroy Realty acquired the land in 2013 for $46 million from the Academy of Motion Pictures Arts and Sciences. AMPAS had planned to build the Academy Museum of Motion Pictures at the site before moving it to its current location Wilshire Boulevard and Fairfax Avenue.
The still-under-construction Academy on Vine property is about a mile from Netflix’s base of operations in Los Angeles on the Sunset Bronson Studios lot, which is owned and managed by Hudson Pacific Properties. Netflix occupies the 14-story ICON building there (totaling 325,757 square feet of office space) and leases 91,953 square feet in the five-story CUE building. Last month, Netflix inked a deal to occupy all 327,913 square feet of EPIC, Hudson Pacific’s 13-story office development at Sunset Bronson; the company expects to being moving into EPIC starting in January 2020.
“Our expansion into the Academy on Vine property further deepens our connection with the Los Angeles and Hollywood communities,” David Wells, Netflix’s soon-to-depart CFO, said in a statement.
Netflix’s corporate headquarters is in Los Gatos, Calif., near San Jose.
Kilroy Reality broke ground on the office buildings at Academy on Vine this summer. The site includes a 20-story, 193-unit residential building, which the company plans to start construction on later this year, as well as 13,000 square feet of retail space. Academy on Vine also is planned to encompass large public areas that will feature public art.
Kilroy Realty’s other L.A. properties, totaling approximately 3.5 million square feet, include Sunset Media Center, Westside Media Center, Tribeca West, Santa Monica Media Center, DirecTV’s global headquarters, and the Columbia Square mixed-use project.
“We are excited to have forged a partnership with Netflix which has leased all of the office buildings at Academy on Vine, a site rich with history and a legacy of advancing the arts and sciences of motion pictures,” Delmar Nehrenberg, Kilroy Realty’s SVP, Los Angeles, said in a statement.
Pictured above: Artist’s rendering of the mixed-use Academy on Vine property