Hollywood’s TV hub gears up for $600 million makeover

An Art Deco studio in Hollywood that created Snow White and the Seven Dwarfs, The Wizard of Oz and Singin in the Rain is about to undergo a $600 million makeover.

The owner of the historic studio now called Television Center files plans to add four sound stages, two six-story office buildings and a restaurant at 6311 Romaine Street, the Los Angeles Times reported.

West Hollywood-based Bardas Investment Group and Boston-based Bain Capital Real Estate bought the former Technicolor and Metro Pictures studios in March for $135 million, more than double what the previous owner paid for the site. 6.5 acres in 2020.

Bardas aims to create a 620,000 square foot two-block studio and office complex with elements of a classic Hollywood movie studio. An underground car park would serve 1,000 cars.

It is for all entertainment media users, chief executive David Simon told The Times. We want to keep Hollywood in Hollywood.

Simon hopes to start work within 18 months, with construction expected to take two years.

The new Echelon of the Television Center, as it would be called, would retain the original Art Deco structures.

On the North Block, the former Technicolor facility was built between 1930 and 1966 and has 183,000 square feet of office and studio space, including a small soundstage.

Plans for the North Block include the addition of a six-story office building with outdoor terraces facing the Hollywood Hills, as well as a ground floor restaurant and cafe open to the public. The remaining studio would be closed to visitors.

The block south of Romaine was once the lot of Metro Pictures, which became part of Metro-Goldwyn-Mayer in the 1920s, which employed stars such as Rudolph Valentino and Lillian Gish.

Plans for the South Block include replacing a parking lot with four large sound stages, a base camp and another six-story office building.

The result would transform outdated facilities into a more modern studio that would lease production facilities to companies that make movies and TV shows.

Developers, boosted by streaming platforms such as Netflix and Apple TV+, are now upgrading older studios such as Warner Bros. Ranch in Burbank and Universal Studios.

They are also building new studios, including one on the site of a former Sears store in Hollywood, a $450 million Bardas studio project dubbed Echelon Studios, and another at the Los Angeles Times print shop in downtown Hollywood. THE.

Film and television producers occupy some of the largest office space in the Los Angeles market, leasing 17.7 million square feet as of 2020, real estate brokerage CBRE said. Los Angeles County has 5.4 million square feet of certified stage space across 398 stages, according to FilmLA.

Although Greater Los Angeles has the most sound stages of any city in the world, studios are operating at nearly 100% capacity, with waiting lists as long as five film productions deeply for these spaces, financial adviser Deloitte said in a report last year.

To meet booming demand, supply would need to more than double in Los Angeles County, Deloitte said.

Dana Barthelemy

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