HOLLYWOOD, CA A multi-million dollar film studio arrives in Hollywood on Santa Monica Boulevard. Developers from Bain Capital Real Estate and Bardas Investment Group have submitted plans to the city to build a $ 450 million site at 5601 Santa Monica Boulevard, which would be five acres in size and consist of several floors.
The complex, called Echelon Studios, would feature four 19,000 square foot sound stages, a 15,000 square foot “flexible stage” and a 90,000 square foot “creative village” comprising several bungalows. The site would occupy what was once a Sears store and parking lot, which closed in 2008.
“We believe that the intense growth in the digitization of content presents a compelling opportunity to create a unique integrated platform that partners with tenants to develop an unparalleled experience,” said Joe Marconi, Managing Director of Bain Capital Real Estate.
Bain Capital and Bardas Investment Group formed a joint venture in 2019 to acquire, develop and operate office and other production space in the content and media industry, with a focus on the Los Angeles market.
“The increased demand for new content and the limited number of existing studios and production space are creating competition in the market,” said David Simon, Founder and CEO of Bardas.
Echelon would include a total of 350,000 square feet of creative space inside two mid-rise office buildings, with up to five content creators able to simultaneously lease space in the complex.
Demand for studio space is increasing amid the explosion in streaming content, especially now that COVID-19 restrictions are lifted statewide, allowing for a widespread resumption of filming activity.
In March, the owners of CBS Television City in the Fairfax neighborhood announced a $ 1.25 billion expansion and upgrade to the historic production facility – calling it “a complete framework to enable state-of-the-art modernization. “.
Hackman Capital Partners, which operates the 25-acre facility at Beverly Boulevard and Fairfax Avenue in partnership with the MBS Group, said the planned expansion will include increasing the number of sound stages to a minimum of 15, from eight; new production offices and support facilities adjacent to stages; new production base camps and parking above and below grade; additional office space in the studio; and the preservation of existing facilities.
City News Service contributed to this report.
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