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Monday, Mar 20, 2023

Studios Lead Leasing Activity Around LA

Entertainment sector tenants are signing a flurry of new leases across Los Angeles.

Most recently, on Aug. 25, it was announced that Moonbug Entertainment Ltd. — a maker, producer and publisher of video and audio content for children, including “Blippi” and “Mia’s Magic Playground” — signed a three-year lease for 15,000 square feet in Fairfax that will serve as the London-based company’s U.S. headquarters.

The creative office space is at 110 S. Fairfax Ave. and is part of North Market, a nearly 31,000-square-foot property built in 2003 next to the Original Farmers Market and The Grove. Moonbug Entertainment, which also has space at 742 N. Cahuenga Blvd. in Hollywood, will be on the second floor of North Market when it moves in later this year.

Avison Young Inc.’s Ted Simpson and Myles Smith represented Moonbug Entertainment in the Fairfax lease. CBRE Group Inc. represented the landlord, Gilmore Farmers Market.

L.A.’s plethora of media and tech tenants is a positive force in the real estate market right now, experts said, and is leading leasing across the city.

“Despite a slowdown in office leasing demand due to the pandemic, Los Angeles continues to see growth in the entertainment sector,” Simpson said in a statement.

Earlier in August, it was announced that FremantleMedia, which produces live, unscripted TV series including “American Idol” and “The Price Is Right,” signed a 12-year lease for 43,000 square feet of studio space at Reframe Studios in Atwater Village.

Reframe Studios is an industrial-to-soundstage and creative office conversion. The 7.3-acre project at 4561 Colorado Blvd.,was designed by Carlos Carrasquillo at Wolcott Architecture. The owner is Captiva Partners.

“We’re thrilled to welcome Fremantle to Reframe Studios and expect to see continued demand from media and entertainment companies for low-rise creative environments that are located in close proximity to major studios,” Brian Abers, managing partner at Captiva Partners, said in a statement.

CBRE’s Doug Marlow and Juliana Sampson represented the landlord in the lease. Cresa’s Ray Howden represented FremantleMedia.

“Capitalizing on the voracious demand for content and streaming amid extremely limited stage space, Captiva and Wolcott have designed a highly coveted opportunity, strategically located within an entertainment enclave between Glendale and Burbank,” Sampson said in a statement.

Also in August, it was announced that three leases were signed at Backlot Burbank, an industrial park with 16 buildings.

AMGI Animation Studios will occupy 18,392 square feet, and Dhar Mann Studios is leasing 25,490- and 27,226-square-foot spaces.

Colliers International Group Inc.’s David Harding, Greg Geraci, Matt Dierckman and Billy Walk represented the landlord, BKM Capital Partners, in the leases, the terms of which were not disclosed.

Geraci said the entertainment industry is “springing back to life.”

“We are thrilled to see these leases come together as TV, movie and other content production companies see an uptick in expansion,” he said in a statement. “Backlot Burbank delivers the perfect environment for creative entertainment space and is the ideal setup for AMGI and Dhar Mann to grow.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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