Netflix Spreads Roots In Hollywood, With Lease For More Office Space
Netflix Inc. is expanding its presence in Hollywood, signing a lease to occupy another office building in La La Land. Hudson Pacific Properties Inc. said on Friday Netflix has signed to fully occupy a 91,953 square feet, five-story building called CUE. The building is part of an entertainment production complex Hudson Pacific is building at Sunset Bronson Studios. Netflix has already leased a 14-story, 323,000 square feet space called ICON on the complex. Netflix has leased more than 500,000 square feet of space in Hollywood from Hudson Pacific, according to a news release. Netflix has been maneuvering into film and TV production and over the last year has been planting its roots in Hollywood. Shares of Netflix are up 12% in the last 12 months, while the S&P 500 Index is up 14%. Hudson Pacific shares have gained 30% in the trailing 12 month period.
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