82.1 F
San Fernando
Thursday, Mar 28, 2024

Partners Secure $94 Construction Loan for Sun Valley Studio

Hudson Pacific Properties Inc. and Blackstone have secured a $94 million construction loan for the Sunset Glenoaks Studio facility in Sun Valley.

According to a Commercial Observer report, the project, which is estimated to cost between $180 million and $200 million, received the loan from New York-based RBC Real Estate Capital Partners.

Construction on the project involving seven soundstages covering 241,000 square feet at 11070 W. Peoria St., began during the fourth quarter last year. It has a third-quarter 2023 completion date.

Hudson Pacific President Mark Lammas said during the company’s quarterly earnings call that Sunset Glenoaks is expected to generate roughly $15 million in annual income.

The new studio, which is located near Burbank, will bring to 42 the number of soundstages controlled by the Hudson Pacific and Blackstone joint venture.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

Featured Articles

Related Articles