Brentwood-based Hudson Pacific Properties Inc. has acquired West Hollywood-based Quixote Studios for $360 million.
Quixote rents out sound stages, cast trailers, trucks, grip and lighting and other equipment essential for content production.
Hudson Pacific expects the transaction will be immediately financially beneficial.
“Our acquisition of Quixote Studios represents further execution of our strategy to enhance our core studio business for customers with a full-service offering of sound stages, both in terms of size and location, and production services in key global markets,” Jeff Stotland, executive vice president of global studios and services for Hudson Pacific, said in a statement. “Quixote strengthens our reach to capture strong secular demand for studio and related assets, including excess demand at our Sunset Studios locations, and enables us to achieve immediate economies of scale while further diversifying our client base.”
Quixote Founder Mikel Elliott will remain onboard in a leadership position.
“Hudson Pacific and Quixote’s shared purpose is to elevate the production experience for crews on our collective stages as well as on location in the major global production markets,” Elliott said in a statement. “Together, we will further innovate, inspire and solve new production challenges in the era of streaming content and beyond.”
Founded in 1995, Quixote has grown its business significantly in Los Angeles, New York, Atlanta and New Orleans. Quixote has 325 employees; more than 500 cast trailers, trucks and specialized vehicles; one of the industry’s largest inventories of grip and lighting and production equipment; as well as long-term lease rights to 23 sound stages in Los Angeles and three in New Orleans. Quixote has a significant presence in Pacoima, the site of its North Valley studio, which has five soundstages at 12137 Montague St., and another facility at 12154 Montague St.
Quixote complements Hudson Pacific’s Sunset Studios portfolio, which includes more than 60 stages across five lots in Los Angeles and the U.K.