SIM Group, which provides services to the entertainment industry, signed a 10-year lease last month for 65,000 square feet at the Eastman Kodak Co. campus at 1017 N. Palmas Ave. in Hollywood. Sources said the lease is valued at almost $45 million.
When 100 employees from three companies under SIM’s umbrella move in in April, it will bring the property to 100 percent occupancy. The three-story campus, built by Kodak in 1999, will house SIM’s postproduction services arm, Chainsaw Productions, as well as SIM Digital and Bling Digital.
Chainsaw will relocate from 30,000 square feet it takes at 940 N. Orange Drive in Hollywood, but will maintain its West Hollywood location at 7017 Santa Monica Blvd., where it takes 9,000 square feet. SIM and Bling will leave 10,000 square feet they share at 738 N. Cahuenga Blvd. in Hollywood.
Chainsaw will do postproduction work from the space on shows such as “Game of Thrones” and “American Idol,” said Bill DeRonde, president of the company.
Kodak’s two-building, 110,000-square-foot campus was recently renovated by owner Lincoln Property.
Robert Kane, a Lincoln vice president, said the long-term lease is another sign Hollywood is desirable to companies at the intersection of technology and entertainment. He pointed to Buzzfeed’s recent relocation of its video department to Siren Studios and Netflix Inc.’s lease at Sunset Bronson Studios as other examples.
Matthew Miller of Cresa Los Angeles represented the tenant. Carl Muhlstein, Nicole Mihalka and Hayley Blockley of Jones Lang LaSalle Inc. represented Lincoln.
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