Post-production company Company 3 has signed on to be the first tenant at Hudson Pacific Properties’ Harlow building in Hollywood, taking up about half the space in the Class-A office building.
Company 3 signed an 11-year lease, which starts in Q2 2022, for just over 70K SF at the four-story, 130K SF property on the Sunset Las Palmas Studios lot. Harlow was completed in Q3 2020.
“This underscores the resiliency of demand particularly for our assets and locations as companies plan for and commence a return to the office and productions run full-steam ahead,” Hudson Pacific Properties CEO Victor Coleman said in a statement.
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Company 3 already leases all of Hudson Pacific’s 3401 Exposition property — about 63.3K SF — in Santa Monica.
A post-production company moving into a brand-new, Class-A creative-office-style building in the heart of Hollywood isn’t surprising. Production and entertainment have been, and are expected to be, major drivers of office demand in areas of LA like Hollywood, where media companies have already planted a flag.
But this big lease seems to confirm the trends that many expected would drive the office market in the months to come. It certainly speaks to “the flight to quality” that has played out throughout the coronavirus pandemic and continues now, Newmark Senior Managing Director Jennifer Frisk said.
“Tenants are looking for high-quality real estate in areas that have done well and will continue to do well,” Frisk said.
The building, designed by RIOS, features architecture reminiscent of a greenhouse and terraces on every level. Its operations are 100% carbon neutral and certified by Fitwel Viral Response and its design is LEED Gold and Fitwel certified.
Frisk notes that Harlow shares traits with the Hackman Capital property in El Segundo where Beyond Meat inked a 281K SF deal in January — namely, its creative office design and the fact that it’s not a high-rise.
Both Harlow and Sunset Las Palmas are owned by Hudson Pacific and Blackstone. In the summer of 2020, Hudson Pacific sold a 49% stake in its Hollywood media portfolio to Blackstone. The deal involved the studio where Harlow is located, as well as Sunset Bronson and Sunset Gower, the Los Angeles Times reported at the time.
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