$ 450M Hollywood Entertainment Studio Project Planned
A joint venture between Bain Capital Real Estate and BARDAS Investment Group plans a massive $ 450 million new entertainment studio in Hollywood. Echelon Studios spans five acres and will feature four 19,000 square foot sound stages, a 15,000 square foot flexible stage, a 90,000 square foot Creative Village and a 350,000 square foot creative office in two buildings. The joint venture has submitted plans to the City of Los Angeles for the project.
The project signals the demand for a quality studio and production space. In a statement, David Simon, Founder and Managing Director of BARDAS Investment Group, said this project is well positioned to meet market demand for content creation.
Located at 5601 Santa Monica Boulevard, Echelon Studios will also have best-in-class amenities, including restaurants, a central courtyard, collaboration areas and shared production space, outdoor common areas, and filming spaces.
The joint venture formed in 2019 to target studio, production and creative office opportunities that will serve the media and content creation industry in the Los Angeles marketplace. It is currently under construction on another production studio at 712 Seward. The 550,000-square-foot urban studio is the first “purpose-built urban studio campus property in Hollywood in over 20 years,” according to the joint venture. The partnership has a total pipeline of 1 million square feet.
New York is also seeing a soaring demand for entertainment studios, and like Los Angeles, content creation is behind the trend. CBRE research reveals high demand in New York for high-quality production space, which includes small broadcast studios in office buildings, raw spaces in warehouses, and professional production facilities with isolated sound stages .
This year there have been a number of major studio leases. Top deals include Wildflower Studios and Netflix are building studio complexes in Queens and Brooklyn, and Lionsgate has leased a new studio complex currently under construction in downtown Yonkers. All three companies are newcomers to the market. Existing tenants are also expanding. Apple TV + has signed up to occupy 75,000 square feet of production space at Kaufman Astoria Studios, plus 15,000 square feet of office space on the property.