Warehouse Landlord Prologis Submits Plans for Studio Complex in LA
Plans call for 10 soundstages and 291,000 square feet of office and support space
By Greg Cornfield November 23, 2022 12:15 pm
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Prologis, one of the largest industrial landlords in the world, is flipping the script and going Hollywood.
The San Francisco-based REIT filed plans to build a new studio complex near the Arts District of Downtown Los Angeles, Urbanize reported. The studio campus designed by Relativity Architects will be named Alameda Crossings and feature 10 soundstages and 291,000 square feet of office and support space.
Prologis acquired the 9-acre property and former Greyhound bus terminal at 1716 East Seventh Street last year for $90 million.
Following the “explosion” of content creation from the Steaming Wars, demand for soundstages remains near all-time highs as companies like Amazon, HBO and major networks expand their libraries. And streaming platforms are spending an estimated $100 billion globally to create content this year, led by Disney, Netflix and Warner Brothers-Discovery.
Greater L.A. is home to 57 soundstage facilities with 54 million square feet of soundstage space, according to a report by Savills released earlier this fall on L.A.’s studio market. Occupancy rates at studio and sound stages remains well over 90 percent, per FilmLA.
East End Capital also plans to build a 720,400-square-foot studio development in the Arts District with 16 soundstages and Class A office space in four buildings at the corner of Sixth and Alameda streets. Last year, Atlas Capital Group announced plans to redevelop the L.A. Times’ former printing plant in Downtown L.A. into a $650 million studio lot with 17 soundstages and 212,300 square feet of offices.
Prologis is already Amazon’s favorite landlord for warehouse space amid the nation’s e-commerce boom, and the flow of goods going through Prologis buildings represents 2.5 percent of global gross domestic product.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
