Netflix rapid expansion in Hollywood, California, continues with another new commercial office space lease. The online video streaming company has signed a long-term agreement to occupy about 355,000 square feet at a mixed-use site that Kilroy Realty Corp is building on a lot on Vine Street and De Longpre Avenue, just south of Sunset Blvd.
Kilroy Realty Corp purchased the 3.5-acre lot in 2013 for $46 million from the Academy of Motion Pictures Arts and Sciences (AMPAS). The property complex, dubbed Academy on Vine, will include three office buildings that are currently under construction, with Netflix expected to be able to start moving in by mid-2020. The site will also include a 20-story, 193-unit residential building and large public gathering areas that will feature public art.
The new site is located about a mile from Netflix’s Los Angeles headquarters at Sunset Bronson Studios on Sunset Boulevard near the 101 Freeway, where it uses more than 400,000 square feet in the Icon and Cue buildings built by Hudson Pacific Properties Inc. Netflix also signed an additional lease with Hudson Pacific to fully occupy another 325,000 square feet of office space nearby.