Studio space is among the most coveted real estate commodities in L.A. right now, with demand drastically outpacing supply, thanks to the rise of new media and the so-called TV renaissance. It doesn’t hurt that California lawmakers recently expanded the state’s tax incentive program for filmmakers to stay local for their productions.
Earlier this year, Hudson Pacific Properties acquired the seven-acre Hollywood Center Studios for $200 million.
It’s senior vice president, Bill Humphrey, told the Los Angeles Times in June that the space was about 90 percent occupied. Hudson Pacific’s biggest fan is Netflix, which inks about 458,000 square feet at the Sunset Bronson Studios in Hollywood.
But for the underdogs out there, 3030 Studio may have one big advantage: it’ll be substantially cheaper than Hollywood, Mihalka said.