Netflix Takes 171K SF in Burbank, Largest New LA County Office Lease in 2020
Burbank is a major magnet for media firms
The streaming giant signed a 171,000-square-foot office lease in Burbank near major competitors like Warner Brothers and Walt Disney Co. Netflix’s new space is at the Burbank Empire Center, located at 2300 West Empire Avenue near the 5 Freeway.
It’s the county’s largest new lease, or non-renewal, in 2020, according to CoStar, amid a less-than-stellar year for activity.
Netflix is using the building as its first animation studio. An affiliate of New York Life owns the property.
Last year, Warner Brothers signed for 108,167 square feet and Disney signed for 115,674 square feet in Burbank.
According to CBRE (CBRE), film and television productions are some of the biggest drivers of office space activity in the region, taking up 17.7 million square feet as of mid-2020. Earlier this month, Reed Hastings, founder and co-CEO of Netflix, told the Wall Street Journal that he expects employees back in the office once a vaccine for the spreading coronavirus is available.
Streaming firms have been expanding and taking up both studio and office space at a rapid pace, which has created increasing demand from a larger group of premier investors. Earlier this year Blackstone (BX)’s blockbuster deal with Hudson Pacific Properties included almost 1 million square feet of Class A office space in Hollywood, which includes more than 700,000 square feet leased to Netflix.