Netflix is proving they are here to stay in Hollywood with their new lease at the Icon. A year ago Netflix rented 200,000 square feet of the 5800 West Sunset Blvd. property. Now they have decided to add the building’s five remaining floors to their lease.
The not yet completed Icon is now 100 percent pre-rented. CEO of Hudson Pacific Properties, the company constructing the building, Victor Coleman already said Netflix would pay the most noteworthy rent in Hollywood with their unique lease. A percentage of the extra space was rented at the same rental rate, and a part was rented at a significantly higher rate.
The property is on schedule to be finished one year from now, and the lease will initiate in conjunction with the planned delivery date.
“Our Netflix deal remains the largest lease ever signed in Hollywood in terms of square feet,” Coleman said. “This is a landmark deal for Hollywood, for our company, for the project and Sunset Bronson Studios. This lease exemplifies the convergence of tech and media in L.A., and how next-gen content providers are thinking about growth, business strategy, and the use of office and studio space.”
Hudson is also adding a 90,000 square foot production studio next to the Icon tower named The Hub. It is likely that Netflix will take over that space as well to consolidate their Beverly Hills office with their new Sunset Bronson location.