Hudson Pacific Properties’ $200 million deal to acquire Hollywood Center Studios — which The Real Deal first reported in February — closed on Monday, making the Los Angeles-based REIT the largest independent studio operator in the country.
The company, led by CEO Victor Coleman, renamed the nearly 15-acre, 369,000-square-foot campus at 1040 N. Las Palmas Avenue “Sunset Las Palmas,” and plans to maintain its business model, renting its spaces out to various productions, the Los Angeles Times reported.
HPP also plans to start construction by the end of the year on a 100,000-square-foot office building and a 350-space parking garage on the site, which are part of more than $50 million of planned improvements, Coleman told the L.A. Times.
The developer planned 575,000-square-feet of development on the campus, according to a February filing with the U.S. Securities and Exchange Commission. [LAT] — Hannah Miet