The studio lot industry is riding high on private equity money as investors bet that the busy facilities boosted by streaming projects will offer better returns than office towers: “It’s almost a guarantee the building will be filled.”
For soundstage operators — whose real estate value rises and falls based on demand — knowing they can secure long-term leases and anchor tenants makes them attractive for financiers. Amid a content production boom, studio “utilization is considerably high, and it’s almost a guarantee the building will be filled,” says Alex Godfrey, the Vancouver-based vp studios at William F. White International, a Canadian studio operator.
Hudson Pacific Properties and Blackstone are building the Sunset Glenoaks Studios as a media campus in Sun Valley, California, with seven soundstages on 10 acres that combine office and studio space . “It’s all in one. With a whole campus facility, you can have your VFX department, your preproduction and postproduction, your writers room and actors and talent on site,” says Victor Coleman, CEO of Hudson Pacific Properties.
And just as Amazon wants to dominate the online ecommerce market, Hackman Capital is looking to prevail in the global studio, equipment rental and ancillary services business worldwide.
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