Bain Capital Real Estate and Bardas Investment鈥檚 joint venture intend to develop a $450m (鈧�374m) studio campus in Los Angeles.
The firms said they have submitted plans to the City of Los Angeles to develop Echelon Studios, a five-acre site at 5601 Santa Monica Boulevard.
The campus will feature four 19,000sqft sound stages, a 15,000sqft flex stage, and a 90,000sqft creative village of bungalows. The development project will also include 350,000sqft of creative space located within two mid-rise office buildings.
Bain and Bardas formed a joint venture in 2019 to pursue opportunities to acquire, renovate, develop and operate creative office and other production space targeted to companies in the content and media industry, with a focus on the key content sub-markets in Los Angeles.
To date, the joint venture has invested in and has a pipeline of existing and new development projects encompassing approximately 1.0m sqft, the companies said in a joint statement.
David Simon, founder and managing principal of Bardas Investment, said: 鈥淭he increase in demand for new content and limited existing studio and production space is generating competition in the market.
鈥淟everaging our unique knowledge of the media and entertainment sectors, along with Bain Capital Real Estate鈥檚 strategic and operational capabilities, we are well-positioned to deliver product to meet the demand from the content creation industry.鈥�
Joe Marconi, a managing director at Bain Capital Real Estate, said: 鈥淲e believe the intense growth from the digitalization of content presents a compelling opportunity to create a uniquely integrated platform that partners with tenants to develop an unmatched experience.鈥�
Bain Capital and Staley Point buy industrial asset
Bain Capital and southern California focused industrial property investor Staley Point Capital have invested $21m to buy a 100,000sqft in Brea.
The property is located at 331 Cliffwood, in the North Orange County submarket and is leased with five years of term.
The latest deal marks the fourth deal completed by Staley Point and Bain Capital.
Eric Staley, MD of Staley Point, said: 鈥淕iven the supply barriers to entry and the strong demographics, we hope that this is the first of several transactions in Orange County.
Andrew Terris, MD at Bain Capital Real Estate, said: 鈥淭his acquisition reflects both the continued progress of our partnership and focus on investing locally in industrial assets with strong underlying growth fundamentals.
鈥淲e identified North County as an attractive and high-performing submarket and look forward to capitalizing on additional opportunities in the region that align with our thematic and value-added investment approach.鈥�
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