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CIM Group wants to sell a West Hollywood soundstage property that counts HBO, the Oprah Winfrey Network and Showtime among its tenants.
The Lot at Formosa holds soundstages, support space and offices totaling more than 540K SF on 11 acres at 1041 North Formosa Ave., Commercial Observer reports.
New soundstage projects are in the pipeline across greater Los Angeles to meet demand for film production space as streaming services grow more competitive.
Soundstages are a hot commodity that generally carry high occupancy and remained that way during the pandemic while other property types suffered.
New soundstages are in the works in the Arts District and in Baldwin Hills-Crenshaw, as well as in the Valley and in Hollywood. Many of the available stages are older, which developers and boosters hold up as one of the reasons why new projects are needed.
CIM bought the West Hollywood property in 2007 and has made a number of upgrades, including building three new office buildings. It has also modernized and expanded existing facilities at the property, which was built in 1918, the company said.
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