In its latest L.A. expansion, Netflix has leased 171,000 square feet at Burbank Empire Center’s 2300 W. Empire Avenue building, which will host the streaming giant’s first dedicated animation studio. The company reportedly chose the spot for its proximity to other major studios like Disney, Cartoon Network and Nickelodeon in ‘the animation capital of the world.’
Los Angeles real estate news outlet The Real Deal points out that this is the biggest new office lease in the city this year, as most companies have been looking to slim down to weather COVID-19. But with demand for content soaring amid lockdown, Netflix stocks have also taken off.
The streamer is taking 150,000 square feet in the new location now, with plans to take an additional 21,000 square feet in the future. This includes the entire first floor and spaces on three other floors, adding up to about half of the space in the 351,300 square foot, seven story building. Netflix already leases comparatively small spots in neighboring buildings.
Netflix’s L.A. footprint was already at 1.6 million square feet of office and studio space as of Q3 2019, according to TRD.
The deal comes as Netflix prepares to blast off with its latest original animated movie, Over the Moon on Oct. 23. Upcoming features also include Guillermo del Toro’s Pinocchio, Richard Linklater’s Apollo 10 ½, Henry Selick’s Wendell and Wild, and Nora Twomey’s My Father’s Dragon. The company also produces a slew of adult animation, kids’ cartoons and original anime titles — recent and upcoming launches include Pen Ward’s The Midnight Gospel, Hoops, Ghost in the Shell: SAC_2045, Gods & Heroes (from Castlevania studio Powerhouse Animation), Kipo and the Age of Wonderbeasts, Wizards: Tales of Arcadia and Jurassic World: Camp Cretaceous.
[Source: CoStar via The Real Deal]