Netflix Expands Footprint With Lease of 13-Story Hollywood Tower

(Bloomberg) -- Netflix Inc. is expanding its production and office space in Hollywood with new leases, including a 13-story building that opens in 2020.

The streaming giant signed with Hudson Pacific Properties Inc. to fully occupy the Epic Los Angeles office on Sunset Boulevard in phases starting in January 2020, according to a statement Thursday. The lease of the 327,913-square-foot (30,500-square-meter) building runs through 2031.

Netflix also signed an extension at two other Hudson Pacific properties, Icon and Cue, both located on the landmark Sunset Bronson Studios lot, across the street from the new building. Sunset Bronson is home to long-term tenants CBS and KTLA.

The Los Gatos, California-based company has led a boom in TV and film production that has helped invigorate commercial real estate. The amount of office space dedicated to the entertainment industry in Los Angeles reached a decade high last year, according to CBRE Group Inc.

©2018 Bloomberg L.P.