Content-streaming giant Netflix keeps gobbling up space in Hollywood, this time signing on for 355,000 square feet of space in a long-term deal at Academy on Vine, according to a release from property owner Kilroy Realty Corporation.
Netflix is renting all the available office space across three buildings in the mixed-use project at 1341 Vine Street, which is currently under-construction. Netflix is expected to commence in phases upon its completion starting in 2020. The development, which occupies an entire city block in the heart of Hollywood also includes a 20-story residential tower with 193 units and retail space.
“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, a senior vice president at KRC, in the release.
“Our expansion into the Academy on Vine property further deepens our connection with the Los Angeles and Hollywood communities,” David Wells, the chief financial officer of Netflix, said in the statement. “We’re excited to continue to grow our team right in the heart of Hollywood.”
Neither Kilroy nor Netflix responded to a request for additional details.
Just last month, Netflix agreed to lease Hudson Pacific Properties’ entire 328,000-square-foot, 13-story EPIC building on Sunset Boulevard, when it’s complete in 2020, as Commercial Observer previously reported.
Netflix also leases HPP’s entire 14-story companion building ICON and around 92,000 square feet of CUE, both on the Sunset Bronson lot.
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