Hudson Pacific buys Quixote Studios in $360-million deal

The operator of Sundown Studios, Hudson Pacific Properties, has acquired Quixote Studios for $360 million, considerably increasing its footprint within the soundstage enterprise.

The Los Angeles-based actual property firm stated it anticipated the takeover of Quixote — whose shoppers embody HBO, Walt Disney and NBC Common — will assist it meet rising demand for soundstage house.

“Quixote strengthens our reach to capture strong secular demand for studio and related assets, including excess demand at our Sunset Studios locations, and enables us to achieve immediate economies of scale while further diversifying our client base,” Jeff Stotland, government vice chairman of world studios and providers for Hudson Pacific, stated in an announcement.

Quixote was based in 1995 and supplies manufacturing providers in L.A., New York, Atlanta and New Orleans. The corporate, which has 325 workers, operates studios in West Hollywood and Pacoima and close to Griffith Park.

The enlargement of Hudson Pacific’s empire comes as competitors intensifies to supply soundstages, workplaces and different manufacturing amenities to feed a content material growth.

Simply final month East Finish Studios submitted an utility to town to construct a brand new studio close to the newly well-known sixth Avenue bridge in downtown L.A. With 16 soundstages, East Finish Studios’ ADLA Campus can be one of many bigger studio initiatives within the pipeline for Los Angeles County, the place a number of builders are speeding so as to add new amenities.

Current soundstages within the county have been virtually absolutely rented for years, which may make it exhausting for brand new productions to search out locations to work, stated Paul Audley, president of FilmLA, the nonprofit that handles movie permits within the area.

“Even if that backs off, which some people are now predicting, we still don’t have enough stage space to deal with that,” Audley stated final month.

The amount of programming from Netflix, Amazon Prime Video and different streaming platforms has been rising at a mean price of 35% per 12 months, Audley stated.

Different substantial developments embody the redevelopment of Warner Bros. Ranch in Burbank and a brand new seven-soundstage advanced referred to as Sundown Glenoaks Studios within the Solar Valley neighborhood of L.A.

Sundown Glenoaks is being deliberate by Hudson Pacific and its accomplice Blackstone. The pair personal Sundown Gower Studios, Sundown Bronson Studios and Sundown Las Palmas Studios, all historic studios in Hollywood which have been up to date and lease manufacturing amenities and workplaces to folks within the leisure trade.