The legendary Los Angeles birthplace of the Fox empire was apparently too dear for the Murdoch family to part with.
, will run the company controlled by the family as its chairman and chief executive. And it’s safe to predict that the old lot where generations of movies and television shows were filmed will remain a cash-generating pillar of the surviving Fox empire for years to come.
The eye-popping values reflect the fierce demand for studios as both places to make entertainment and sought-after sites for dense real estate development. Other studio owners are already cashing in on the ravenous demand for office and production space from young video-streaming content creators and old-line Hollywood companies, providing a model for Fox.Netflix has leased more than 700,000 square feet from Hudson Pacific Properties Inc., which owns three studios in Hollywood that date to the early days of motion pictures.
In the past, other major studios have leased soundstage space, including NBCUniversal, which produced “House” for broadcast on Fox. But today, the lot is almost exclusively occupied by producers and crews working on Fox productions. However, it’s expected that more than 3,000 jobs, mostly in the Los Angeles area, will eventually be eliminated as part of Disney’s consolidation of the remaining Fox assets, according to two people familiar with the matter.
Those leases provide a steady stream of income for the studios’ owners. Average asking rents in Century City are $5.22 per square foot per month, 38% higher than the average rate in Los Angeles County, according to property brokerage CBRE.
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