The Oprah Winfrey Network signed a lease Monday to move from the Miracle Mile to West Hollywood, a deal real estate insiders have anticipated for months.
The three-year-old network, whose lease for 52,000 square feet at 5700 Wilshire Blvd. was set to expire this year, will move to 1041 N. Formosa Ave., CIM Group’s project known as the Lot.
A spokesperson for the company declined to disclose terms of the deal, other than to say it was a multi-year lease, and that the company will move its headquarters at the end of the year.
OWN employees will take over three floors in the newly constructed five-story building, or approximately 60,500 square feet.
Sheri Salata, president of OWN and Harpo Studios, told the Hollywood Reporter that the new space will have screening rooms, soundstages and strict security, all things the network lacked in Miracle Mile.
“We’ve been a little limited in our current offices, so when we film in L.A. we’re shooting in people’s houses or renting stages,” she said.
OWN is the second major media company to leave the Miracle Mile this year. Entertainment publication Variety, acquired last year by Penske Media Corp, recently moved to Westwood in order to consolidate offices with its new parent.
Brokers for Jones Lang LaSalle Inc. represented both CIM and OWN in the deal.