It appears that nothing can sate Netflix's appetite for Hollywood real estate.
Kilroy Realty Corp. has announced that the Los Gatos-based streaming giant has signed a long-term lease for the entire 355,000 square feet of office space at the Academy on Vine, a mixed-use project now under construction just south of Sunset Boulevard.
“Our expansion into the Academy on Vine property further deepens our connection with the Los Angeles and Hollywood communities,” said David Wells, Chief Financial Officer, Netflix. “We’re excited to continue to grow our team right in the heart of Hollywood.” This is the third major lease signed by Netflix in Hollywood.
The company already occupies 418,000 square feet of space Sunset Bronson Studios, and announced just last month that it had signed at 323,000-square-foot lease for the EPIC development now under construction across the street. Combined with the new office at the Academy, Netflix's Hollywood footprint will exceed 1 million square feet of space.
The $450-million Academy development, which has been under construction for a year, spans a 3.5-acre block just south of the ArcLight Hollywood Movie Theater. In addition to the collection of low-rise office buildings that Netflix has leased, the project will also include a 20-story, 193-unit residential tower that is scheduled to begin construction later this year. The first phase of the Academy is expected to be completed in mid-2020.
Kilroy has been among the most prolific builders of office space in Hollywood in the past five years, having previously completed the Columbia Square on Sunset Boulevard. That campus is now home to the West Coast headquarters of media company Viacom and guitar maker Fender.