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In another vote of confidence for the future of entertainment in Los Angeles, Fox Corp. unveiled plans Thursday to make a significant investment in its Century City Fox Studio Lot.
The investment would take the shape of two new office towers, plus nine new soundstages and production facilities at the property.
One tower would rise 24 floors on the studio property along Olympic Boulevard. Fox said it could seek a development partner to build the other tower, 35 floors of office above seven floors of parking, along Avenue of the Stars. That property would be designed with the goal of attracting "a notable corporate presence and provide a new headquartering opportunity in Century City," Fox Corp. said in a news release.
That much office space might seem ambitious, but Century City has seen office demand that many other neighborhoods can only dream of. Office availability there is 16.8%, according to a year-end report from Savills. That's well below the citywide average of 26.1%.
“The FOX Studio Lot is one of the most iconic and treasured production locations in the history of entertainment and is a rich part of our history,” Fox Corp. CEO and Executive Chair Lachlan Murdoch said in a statement. Murdoch said the proposed investment, "represents a long-term commitment to our industry, to our community, and to the City of Los Angeles.”
The announcement comes less than a month after Hackman Capital Partners, a major studio owner, announced it would invest $1B in one of its older studio properties in Studio City. Hackman is also planning a comprehensive overhaul of its Television City property in Fairfax, putting $1.25B toward adding soundstages, production support facilities and offices.
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