Atlas Capital projects sound stage complex at DTLA
Beyond Hollywood, everything takes place in Los Angeles.
Atlas Capital Group is planning a $ 650 million downtown soundstage complex on a sprawling site purchased in late 2019 that still houses the Los Angeles Times printing press.
According to The Times, the company will submit plans for a $ 650 million development project on Wednesday. The two-phase project includes 17 sound stages on 26 acres of property. The project will include 300,000 square feet of production workspace, 212,000 square feet of office space and a nine-story parking lot.
Atlas paid $ 240 million For sites with more than 630,000 square feet of manufacturing and distribution space.
The property was built in 1988 and is located on Olympic Boulevard along the Santa Monica Highway. A group led by Harridge Development sold the property to Atlas just three years after the purchase.
The first phase of the project will add six sound stages to five buildings in the parking lot around the old factory, allowing The Times to continue using the printing facility. Headquarters of the DTLA office For El Segundo in 2018 shortly after its acquisition by Dr Patrick Sunsion.
In the second phase of the Atlas, The Times leaves. According to the report, the three-story printing plant will be transformed into 11 more sound stages, as well as offices and other spaces. The newspaper’s lease expires at the end of 2023, but the Times has the option of extending it for 10 years.
The last few years have been a golden age for Hollywood Production studio and sound stage.. Developers are struggling to tap into the demands of LA as a whole, including Netflix, Apple, and Amazon.
The Hackman Capital Group has built a $ 4 billion entertainment real estate portfolio over the past few years. This year, we announced two new projects. Extension of the NBC Universal Office campus When $ 1.25 billion redevelopment From CBS Television City.
This month, the Baldas Investment Group announced plans to build $ 450 million. Production and office complex From the old Sears store in Hollywood.
[LAT] – – Dennis lynch
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