New York-based developer Georgetown Co. has purchased an office campus leased to streaming giant Neftlix Inc. in Hollywood for $93 million.

The property, at 1350 North Western Ave., has a 76,000-square-foot office building and a 1.7-acre development parcel that Georgetown plans to build out.

“There were a few things that attracted us to the property, the first one is having Netflix occupying the whole building, we look at them as a great tenant and that was a big positive,” said Michael Fischer, senior vice president of Georgetown Co. “Secondly, the building itself, including the interiors have really been renovated beautifully as well as the parking deck which was recently completed in 2018, it a very large parking deck and perhaps the most appealing thing about the property was the 1.7-acre development parcel. There’s a lot of opportunities to do different things with that piece (of land).”

Fischer added that the company was also interested in the property because of its location in Hollywood.

“The neighborhood, in general, is very appealing to us,” he said. “The number of Hollywood and entertainment and media technology companies in the area and moving that direction over the last few years in Hollywood and the significant presence of Netflix in multiple buildings in the area, we are very bullish on the general neighborhood.”

Netflix is leasing the building via a sublease from master lessee Zest Finance. In the last year, Netflix has made improvements to the property.

For the recently acquired piece of land, Fischer said Georgetown was still considering several options of how to redevelop the site including a variety of asset types. It is located in an Opportunity Zone.

The project’s timeline, he said, will depend on what type of development Georgetown decides to do at the site.

The property, known as Hollywood Media Campus, was sold by Pasadena-based Gemdale USA Corp.