14-Story Office Tower Is Now Over 60%
Leased
Netflix (NASDAQ: NFLX), the world's leading Internet TV network,
and Hudson Pacific Properties (NYSE: HPP) today announced an
agreement in which Netflix will lease a significant portion of the
ICON office tower at Sunset Bronson Studios.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150827005946/en/
The growing Southern California staff of Netflix is expected to
occupy 200,052 square feet at ICON, part of a nearly $200 million
creative office development currently under construction along
Hollywood’s thriving Sunset Corridor. The deal is the largest
office lease signed to date in Hollywood in terms of square
feet.
“ICON is a state-of-the-art facility that places Netflix
squarely in the middle of Hollywood’s creative culture to support
our next stage of growth and content creation,” said Netflix CFO
David Wells. “The property’s combination of office, stage and
production space provides an ideal setting.”
Victor Coleman, Chairman and CEO of Hudson Pacific Properties,
said, “We’re very pleased to welcome Netflix to ICON, part of a
unique creative campus at the center of Hollywood’s renaissance.
ICON’s 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’re
transforming Sunset Bronson Studios into the most dynamic creative
and production complex in the entertainment business today.”
Los Angeles Mayor Eric Garcetti said, “Netflix’s decision to
relocate and expand at Hudson Pacific Properties’ beautifully
designed ICON office tower reaffirms that Los Angeles remains the
nexus for innovative tech and creative companies, and that the
future of the entertainment industry will call Hollywood home. With
this move, Netflix will bring many well-paying jobs to the
Hollywood community, one of our city’s sought-after live-work-play
environments. My business team is assisting Netflix with relocation
and permit approvals.”
Los Angeles Councilmember Mitch O’Farrell of District 13 said,
“We have set the stage for investment and success in Hollywood, and
Netflix moving to the 13th District is an indication that our hard
work is paying off. Hollywood’s business climate is very favorable
for today’s leading media and entertainment companies. I am
thrilled to welcome Netflix to ICON, and look forward to the
growth, success, and creation of high-quality jobs in my
district.”
The planned move of the Netflix Southern California office comes
as the Internet TV company ramps up original production in Los
Angeles and surrounding communities. Among the Netflix originals
shot in or near Los Angeles are Arrested Development, and the
Emmy-nominated Grace and Frankie as well as upcoming series Fuller
House, The Ranch, Lady Dynamite, Flaked, Love, and With Bob And
David and the Netflix original film Pee-wee’s Big Holiday.
ICON is a 14-story, 323,000-square-foot office tower scheduled
for completion in late 2016. Hudson Pacific Properties’ other
projects underway at Sunset Bronson Studios include an
under-construction roughly 1,600-space parking structure and a
planned five-story, 96,000-square-foot creative office building for
delivery in mid-2017. The two Class A office buildings were
designed with today’s leading creative companies in mind. Both will
be LEED Gold certified with cutting-edge systems, large floor
plates, significant column-free spans, and underfloor power and
data options, all of which enhance workplace efficiency and
flexibility.
About Netflix
Netflix is the world's leading Internet television network with
over 65 million members in over 50 countries enjoying more than 100
million hours of TV shows and movies per day, including original
series, documentaries and feature films. Members can watch as much
as they want, anytime, anywhere, on nearly any Internet-connected
screen. Members can play, pause and resume watching, all without
commercials or commitments.
About Hudson Pacific Properties
Hudson Pacific Properties is a vertically integrated real estate
company focused on acquiring, repositioning, developing and
operating high-quality office and state-of-the-art media and
entertainment properties in select West Coast markets. Hudson
invests across the risk-return spectrum, favoring opportunities
where it can employ leasing, capital investment and management
expertise to create additional value. Founded in 2006 as Hudson
Capital, the company went public in 2010, electing to be taxed as a
real estate investment trust. Through the years, Hudson has
strategically assembled a portfolio totaling approximately 17.6
million square feet, including land for development, in
high-growth, high-barrier-to-entry submarkets throughout Northern
and Southern California and the Pacific Northwest. The company is a
leading provider of design-forward, next-generation workspaces for
a variety of tenants, with a focus on Fortune 500 and
industry-leading growth companies, many in the technology, media
and entertainment sectors. As a long-term owner, Hudson prioritizes
tenant satisfaction and retention, providing highly customized
build-outs and working proactively to accommodate tenants’ growth.
Hudson trades as a component of the Russell 2000® and the Russell
3000® indices. For more information visit
hudsonpacificproperties.com.
Forward-Looking Statements For Hudson Pacific
Properties
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases that are predictions
of or indicate future events or trends and that do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Hudson’s control that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Hudson’s good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance.
Furthermore, Hudson disclaims any obligation to publicly update or
revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause Hudson’s future results
to differ materially from any forward-looking statements, see the
section entitled “Risk Factors” in Hudson’s Annual Report on Form
10-K for the year ended December 31, 2014 filed with the
Securities and Exchange Commission, or SEC, on March 2, 2015,
as amended, and other risks described in documents subsequently
filed by Hudson from time to time with the SEC.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150827005946/en/
Investor/Media Contacts:NetflixJonathan Friedland,
310-734-2958Chief Communications
Officerjofriedland@netflix.comorHudson Pacific Properties,
Inc.Laura Campbell, 310.622.1702Director, Investor
Relationslcampbell@hudsonppi.comorBlue Marlin PartnersGreg Berardi,
415-239-7826greg@bluemarlinpartners.com
Netflix (NASDAQ:NFLX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Netflix (NASDAQ:NFLX)
Historical Stock Chart
From Sep 2023 to Sep 2024