Reframe Studios has sold for $92.5 million, according to a source familiar with the deal.

San Francisco-based Swift Real Estate Partners is the buyer of the Atwater Village property located at 4561 Colorado Blvd.

Reframe Studios is a two-building, 188,662-square-foot property that sits on 7.3 acres. The property is an industrial-to-soundstage and creative office conversion.

The North Building is leased to Fremantle, a company that produces live, unscripted TV series.

Its most popular titles include “American Idol” and “The Price Is Right.” Last year the company signed a 12-year lease for 43,000 square feet of studio space at the property.

The South Building, which has 146,000 square feet of space, is vacant. Swift Real Estate Partners plans to reposition the building and create two 21,000-square-foot soundstages, a mill, production support and office space. The stages are expected to be completed in 2023.

“We are excited about the acquisition of Reframe Studios,” Thomas Christman of Swift Real Estate Partners said in a statement. “Media and entertainment companies’ continued investment in original programming has led to outsized demand for soundstage space within the L.A. region. Reframe Studios will offer tenants a best-in-class studio experience in the heart of L.A.’s media core.”

The nearly $93 million price tag is a big jump from what the previous owners paid. A joint venture between Captiva Partners, Avalon Investment Co. and a private investor purchased the property in 2020 for $38 million from Western Studio Services.

There has been a big drive to develop and own studios in recent years as the rise of streaming services and increase in content production have furthered the need for these spaces.

Stages are also being leased for longer periods, which experts say has also led to interest from developers in the product type.