Bardas and Bain Capital’s Hollywood Studio Project Secures $300M Loan
By Anna Staropoli June 13, 2024 4:33 pm
reprints
A landmark studio and office project in Hollywood, Calif. — by Bardas Investment Group and Bain Capital — has $300 million coming its way, thanks to Delaware-based Blue Sky Servicing.
The two development and investment firms received a three-year construction loan to build roughly 600,000 square feet at 5601 West Santa Monica Boulevard in Hollywood’s Echelon Studios, The Real Deal first reported. Blue Sky’s loan comes with the option for a one-year extension, and values the development around $500 per square foot.
Spokespeople for Bardas and Bain did not immediately respond to requests for comment.
The loan will be used to build both office and studio space on the 5.5-acre Los Angeles property; Bardas and Bain have their sights set on a 110,000-square-foot studio and 388,000 square feet of office. Additionally, the development will include 12,000 square feet of restaurant space and 90,000 square feet of bungalows with a courtyard and offices, per The Real Deal.
While the Blue Sky loan has only just been inked, the Los Angeles City Council approved Bardas and Bain’s plans for West Santa Monica Boulevard in March. Construction has already begun on the site, which was previously occupied by a Sears.
The Echelon Studios development is set to open by the second quarter of 2026, according to Bardas’ website. In the meantime, the firm continues to close deals across L.A. In April, Bardas finalized a 23,000-square-foot transaction with Puma, which plans to open at 6345 Fountain Avenue next year.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
