HOLLYWOOD, CALIF. — Internet entertainment service Netflix has signed a lease to fully occupy EPIC, a 327,913-square-foot office building currently under construction in Hollywood. Hudson Pacific Properties Inc. (NYSE: HPP) is developing the project.
Netflix will occupy the 13-story building upon completion in January 2020. The lease ends in 2031.
Netflix has also signed a coterminous lease extension for 325,757 square feet at ICON and 91,953 square feet at CUE, both of which are Hudson Pacific assets located on the Sunset Bronson Studios lot across the street from EPIC.
“Netflix is part of an elite class of high-growth, high-innovation companies leading the revolution in content production and distribution that is reshaping the Los Angeles studio and office markets,” says Victor Coleman, chairman and CEO of Hudson Pacific. “With its growing presence at ICON, CUE and now EPIC, we have created a customized, state-of-the-art, creative urban campus that holistically supports Netflix’s unique culture and business needs.”
Designed by Gensler, EPIC is a vertically stacked and terraced building. The development will have floor-to-ceiling windows and operable glass doors with direct access to exterior terraces, fire pits, collaboration areas and a rooftop deck with catering pantry. The property will offer more than 25,000 square feet of usable outdoor space.
EPIC is expected to receive LEED Gold certification. Netflix employees will have access to electric car charging stations, bike storage, showers, lockers and a dedicated rideshare area. The property is designed to accommodate next-generation office needs such as autonomous vehicle drop-off and drone deliveries.
Hudson Pacific owns and operates more than 17 million square feet of office and studio properties, with 3 million of those square feet located in Hollywood. The company’s stock price closed at $31.95 per share on Thursday, Oct. 4, down from $33.42 per share one year ago.
— Kristin Hiller