Kilroy Realty Corp. revealed that Netflix has signed a long-term lease for approximately 355,000 square feet at the company’s Academy on Vine project in Hollywood. The mixed-use project is comprised of an office component, currently under construction, and a 193-unit residential building, which the company plans to start construction on later this year.
The lease is expected to commence in phases upon construction completion of the office component starting in mid-2020. Academy on Vine sits on a 3.5 acre, full-city block that was acquired from The Academy of Motion Pictures Arts and Sciences in 2013.
According to a prepared release, the project will include three cutting-edge creative office buildings and a 20-story residential tower. The buildings will feature large, flexible floor plates and Academy on Vine is expected to receive LEED Gold certification. It will also encompass large public gathering areas that will feature public art.
“We are excited to have forged a partnership with Netflix which has leased all of the office buildings at Academy on Vine, a site rich with history and a legacy of advancing the arts and sciences of motion pictures. On behalf of the team, we are thrilled to welcome Netflix to the Kilroy community,” said Delmar Nehrenberg, KRC’s Senior Vice President, Los Angeles.
“Our expansion into the Academy on Vine property further deepens our connection with the Los Angeles and Hollywood communities,” said David Wells, Chief Financial Officer, Netflix. “We’re excited to continue to grow our team right in the heart of Hollywood.”
Kilroy Realty entered the Hollywood market in 2012 with its initial acquisition of 6255 Sunset, which was extensively remodeled and renamed Sunset Media Center. The company has further grown its footprint, through the development of two world-class mixed-use projects, Columbia Square and Academy on Vine.
Together with its many other Los Angeles properties, KRC has assembled a media portfolio consisting of Westside Media Center, Tribeca West, Santa Monica Media Center, and DirecTV’s global headquarters totaling approximately three and a half million square feet, catering to KRC’s expanding roster of entertainment-oriented tenants, generating marketing synergies for the company across the region.