There is no end in sight to the studio craze driven by the proliferation of streaming services in need of production sites in Los Angeles.
NBCUniversal is the latest company to jump on the bandwagon and plans to add eight sound stages to its Universal Studios area in the Universal City district just north of Hollywood, according to the Los Angeles Times. The publication reports that Bastien & Associates will design the scenes to include solar panels on the roof. When construction is completed, the site will include a total of 37 stages.
The addition of soundstages is one of several real estate projects that NBCUniversal is underway across its grounds under a plan to spend $ 1 billion on upgrades overall over the next five years. The company is setting up an employee center with commissioner, seating restaurant, theaters and event rooms. The staff center is expected to be ready by the end of 2023.
The company is also working on a 400,000 square meter office campus on the back, of which the employee center is a part. An 11-storey office building that is part of the development will have 331,000 square feet of space and is expected to be completed in 2023.
The craze in the studio space is being driven by the growing popularity of streaming services like HBO Max and Amazon Prime, which need places to perform TV and movie production. Many companies turn to established reasons to help facilitate the process.
East End Capital recently applied for a permit to add 72,000 square feet of space to its film studio campus in Glendale. Plans will see the East End build a pair of one-story soundstages and an office building to add to the two soundstages it created by converting them from existing buildings.
In addition, Worthe Real Estate Group is trying to transform Warner Bros. Ranch Lot in Burbank for the largest studio development in the country, and plans to build 926,000 square feet of new space on the property, including 16 sound stages.
[LAT] – Holden Walter-Warner