Reed Hastings, John Kilroy and a rendering of Academy on Vine
Just one month after signing a deal to occupy the Epic development, Netflix has announced it is taking over another huge swath of office space in Hollywood.
The streaming video company has leased 355,000 square feet in Kilroy Realty’s Academy on Vine project in Hollywood, the companies announced Tuesday.
Netflix will occupy the entire office component of the project, which is currently under construction. The long-term lease will start in phases in mid-2020, depending upon construction completion.
Academy on Vine, located at 1341 North Vine Street, will also include a 193-unit residential building, which has yet to break ground. In April, Kilroy secured a permit to build one of the three office towers on the site, valued at roughly $116 million. The total project is estimated to cost up to $450 million, Urbanize reported.
Kilroy acquired the land in 2013 for $46 million from the Academy of Motion Pictures Arts and Sciences, records show.
The property is located about a mile away from Netflix’s headquarters at the Sunset Bronson Studios, owned by Hudson Pacific Properties.
Just last month, the company announced it will be taking more space at the lot. It currently occupies the Icon building, a 14-story tower spanning 325,800 square feet. Starting in January 2020, the company will shuffle more employees into the Epic, a 327,900-square-foot building still under construction.
The massive expansion comes at a time when Netflix is spending a war chest of cash on programming. Goldman Sachs projected earlier this year that the streamer would spend about $13 billion on content in 2018 alone, more than double what it spent last year.
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