{"id":1004521660,"date":"2021-04-13T05:25:30","date_gmt":"2021-04-13T13:25:30","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004521660"},"modified":"2021-05-15T10:24:43","modified_gmt":"2021-05-15T18:24:43","slug":"post-production-firm-inks-70-ksf-hollywood-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/post-production-firm-inks-70-ksf-hollywood-lease\/","title":{"rendered":"Hollywood Property Lands 70 KSF Lease"},"content":{"rendered":"
\"\"<\/a>

Harlow. Image courtesy of Hudson Pacific Properties<\/i><\/p><\/div>\n

Hudson Pacific Properties has snagged a show business tenant for a new project that the landlord jointly owns with Blackstone, as media and entertainment firms continue to drive leasing in Hollywood\u2019s office market.<\/p>\n

Post-production firm Company 3 signed an 11-year lease for 70,285 square feet at the Class A building, dubbed Harlow, which was completed in the third quarter of last year. The lease spans more than half of the four-story, 130,000-square-foot building at 1040 N. Las Palmas Ave.<\/p>\n

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READ ALSO:<\/strong> Vanbarton Group Lands $28M Refi for Hollywood Asset<\/a><\/p>\n

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Located just off Santa Monica Boulevard, Harlow is part of Hudson Pacific\u2019s Hollywood Media portfolio, a 2.2 million-square-foot collection of studios and Class A office buildings that the Los Angeles company assembled from 2007 to 2017. Blackstone Property Partners last June bought a 49 percent stake<\/a> in the portfolio, which is valued at $1.7 billion.<\/p>\n

Designed by RIOS, the building features 26,000-square-foot floorplates and a two-story mezzanine with 28-foot ceiling heights. The property also offers 16,000 square feet of outdoor workspaces with large terraces on every floor. Hudson Pacific noted in a prepared statement that it has seen \u201cstrong interest\u201d in the balance of the building that hasn\u2019t yet been leased out.<\/p>\n

Harlow\u2019s greenhouse-like design is LEED Gold, Platinum Wired and Fitwel certified and the building\u2019s operations are 100 percent carbon neutral. The building sits on the Sunset Las Palmas production lot, one of three historic lots that Hudson Pacific has acquired and developed as part of the Hollywood Media portfolio. Netflix is the portfolio\u2019s anchor tenant, leasing 700,000 square feet at the other properties, Sunset Bronson Studios at 5800 Sunset Blvd. and Sunset Gower Studios at 1438 N. Gower St.<\/p>\n

The new lease expands Company 3\u2019s presence in Los Angeles County, where it already occupies the entirety of Hudson Pacific\u2019s 3401 Exposition, a 63,376-square-foot creative office building in Santa Monica, Calif. The company provides post-production services including picture finishing and color for features, commercials and music videos.<\/p>\n

Sluggish leasing<\/h2>\n

Office leasing in Los Angeles totaled a mere 2 million square feet in the first quarter as the COVID-19 situation continued to rein in activity, according to the latest market report by Savills. The city\u2019s market-wide availability rose to a decade-long high of 23.6 percent, with availability in Hollywood even higher at 29.7 percent.<\/p>\n

The lofty availability figures were driven by surging sublease availability\u2014which rose 91 percent to 9 million square feet since the pandemic began\u2014as well as short-term development bringing new direct space to the market. Despite this, the brokerage firm’s research found that asking rents rose 2.9 percent over the previous quarter, to $3.85 per square foot per month.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hudson Pacific Properties and Blackstone own the Class A building, where Company 3 will occupy more than half the space. <\/p>\n","protected":false},"author":744,"featured_media":1004528388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21747,15],"tags":[33176,33129],"class_list":["post-1004521660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-hudson-pacific-properties-inc","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nHollywood Property Lands 70 KSF Lease - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/post-production-firm-inks-70-ksf-hollywood-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hollywood Property Lands 70 KSF Lease\" \/>\n<meta property=\"og:description\" content=\"Hudson Pacific Properties and Blackstone own the Class A building, where Company 3 will occupy more than half the space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/post-production-firm-inks-70-ksf-hollywood-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-13T13:25:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:24:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Harlow_Exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"931\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/post-production-firm-inks-70-ksf-hollywood-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/post-production-firm-inks-70-ksf-hollywood-lease\/\",\"name\":\"Hollywood Property Lands 70 KSF Lease - 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