The asset manager and owner of Sunset Bronson Studios have partnered with the lease holder on a 266,000-square-foot project that calls for six soundstages.
A $350 million investment will be made toward building the project, which is expected to break ground in third quarter of this year for planned completion in 2025, the companies said Tuesday.
On Aug. 1, during an earnings call, Vornado’s CEO Steven Roth said the deal wasn’t quite done, but described venture this way: “It will be the only studio on the island of Manhattan. So we’re extremely enthusiastic about it. Where we have half the deal, we came in with the land and Hudson Pacific is the operator and Blackstone is Hudson Pacific’s partner and now our partner.”
That deal is now formalized, with Vornado taking a 49.9 percent stake in the venture, Hudson Pacific getting a 25.6 percent stake and Blackstone snapping up a 24.5 percent stake. The public-private joint venture also has backing from New York mayor Eric Adams’ administration and the New York City Economic Development Corporation.
The move marks an expansion for Hudson Pacific, owner of Sunset Bronson Studios, a Hollywood stage that Netflix currently leases, among its 60-plus purpose-built stages. Manhattan “has an extensive, well-established production infrastructure yet is highly supply constrained in terms of stages,” stated Hudson Pacific CEO Victor Coleman, in unveiling the operator’s participation in the deal.
In recent years, amid a boom in content spending for film and TV shows on streaming platforms, Hollywood soundstages have become a popular
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