05/05/2017 | by Sarah Borchersen-Keto

Hudson Pacific Properties, Inc. (NYSE: HPP) said May 2 it completed the $200 million acquisition of Hollywood Center Studios, its third purchase of a historic Hollywood asset.

The 15-acre media and entertainment campus, which consists of 13 stages, production offices and support space, will be renamed Sunset Las Palmas. The site is located near Hudson Pacific’s two existing Hollywood studios, Sunset Gower and Sunset Bronson Studios.

“The acquisition of Sunset Las Palmas Studios significantly expands the media and entertainment segment of our business,” said Victor Coleman, Hudson Pacific chairman and CEO. He noted that the addition of Sunset Las Palmas means Hudson Pacific is now the largest independent owner-operator of sound stages in the United States.

Sunset Las Palmas’ original stages and bungalows were built in 1919 by Jasper Johns, a former associate of Charlie Chaplin. Since that time, the studio has been home to iconic television shows like I Love Lucy, The Addams Family and Jeopardy. Current clients include MTV, Comedy Central and Disney.

Coleman said the purchase will allow Hudson Pacific to meet growing demand from traditional and streaming media companies. The transaction will create significant long-term shareholder value, according to Coleman, through “proactive management, economies of scale, unparalleled industry relationships and capital investment.”

During a first quarter earnings call, Bill Humphrey, general manager of Hudson Media Properties, said the company is looking to convert existing short-term leases to multi-stage, multi-year deals. He noted that Hudson Pacific is currently negotiating “some rather large deals” at Sunset Las Palmas.