{"id":1004126388,"date":"2015-08-31T06:06:03","date_gmt":"2015-08-31T14:06:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004126388"},"modified":"2020-05-13T00:50:38","modified_gmt":"2020-05-13T08:50:38","slug":"hudson-pacific-nabs-major-lease-from-netflix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-nabs-major-lease-from-netflix\/","title":{"rendered":"Hudson Pacific Nabs a Big One"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004126390\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-nabs-major-lease-from-netflix\/hpp-icon-office-tower-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg\" data-orig-size=\"1024,576\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"HPP ICON Office Tower Rendering\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg?w=1024\" class=\"alignright size-medium wp-image-1004126390\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg\" alt=\"HPP ICON Office Tower Rendering\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/HPP-ICON-Office-Tower-Rendering.jpg?resize=768,432 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <\/em><\/p>\n<p>With a reported 57 million subscribers and hot original content like \u201cHouse of Cards,\u201d \u201cOrange Is the New Black,\u201d \u201cUnbreakable Kimmy Schmidt\u201d and \u201cSense8,\u201d how much more Hollywood can Netflix go? Substantially further, as it turns out.<\/p>\n<p>On Thursday, the company, which bills itself as the world\u2019s leading Internet TV network, and <a href=\"https:\/\/www.hudsonpacificproperties.com\/\" rel=\"nofollow\" target=\"_blank\">Hudson Pacific Properties<\/a> announced that Netflix will lease 60 percent of HPP\u2019s ICON office tower at Sunset Bronson Studios, on Hollywood\u2019s famed Sunset Boulevard. Netflix\u2019 growing Southern California staff will occupy 200,052 square feet at ICON, a 14-story, 323,000-square-foot office tower set for completion in late 2016.<\/p>\n<p>An HPP spokesperson confirmed to <em>Commercial Property Executive <\/em>that the Netflix deal is the first prelease for ICON. The deal reportedly is also the largest office lease, by square footage, signed to date in Hollywood.<\/p>\n<p>ICON is part of Sunset Bronson Studios, a nearly $200 million creative office development currently under construction next to the former Warner Brothers Studio, which first became operational in 1919.<\/p>\n<p>Hudson Pacific\u2019s other projects at the development include a roughly 1,600-space parking structure now underway and a planned five-story, 96,000-square-foot creative office building for delivery in mid-2017. Both office buildings will be Class A, LEED Gold\u2013certified structures with large floor plates, significant column-free spans, and underfloor power and data options.<\/p>\n<p>And Sunset Bronson is still an active studio lot, where networks like HBO, FreemantleMedia, KTLA and ABC all produce and film shows, according to Hudson Pacific. ICON will have 11 sound stages and more than 300,000 square feet of production facilities.<\/p>\n<p>\u201cICON\u2019s 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. We\u2019re transforming Sunset Bronson Studios into the most dynamic creative and production complex in the entertainment business today,\u201d Hudson Pacific chairman &amp; CEO Victor Coleman said in a prepared statement.<\/p>\n<p>But of course for every gain, there\u2019s a loss. Last Friday\u2019s TreppWire report from Trepp L.L.C., citing a story in Variety, noted that as of now, Netflix is the largest tenant (with 32 percent) at 335-345 N. Maple Drive, a 287,748-square-foot office owned by Tishman Speyer in Beverly Hills. That lease ends in 2018, and a Netflix spokesperson confirmed to <em>CPE<\/em> that the company will be vacating that site as part of the move to ICON.<\/p>\n<p>The Maple Drive property is one of three backing the $220 million Maple Drive Portfolio loan, which in turn makes up 6.8 percent of JPMCC 2007-LD11. The loan is current and matures in June 2017, and its DSCR has been climbing since about 2013, to 1.59x in the first quarter of this year, according to Trepp.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hudson Pacific Properties has landed a huge lease with the world\u2019s leading Internet TV network.<\/p>\n","protected":false},"author":882,"featured_media":1004126390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,15],"tags":[],"class_list":["post-1004126388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hudson Pacific Nabs a Big One - 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