Construction is set to begin on the third and final piece of CIM Group’s The Lot production studio complex in Hollywood.
The six-story Courtyard Building will include 98,000 square feet of office space with parking for 340 cars, according to Urbanize. The building joins the Formosa West building, completed a year ago and where Showtime signed a lease last January; and the Formosa South building at the Lot complex.
For the new construction, floor plates are as large as 17,000 square feet and ceiling heights of 12-½ feet, according to marketing materials. Each floor has floor-to-ceiling windows. CIM Group is expecting to wrap up development by the end of 2019. The complex is located on North Formosa Avenue.
The Lot is designed to cater to media companies, with seven sound stages and an on-site production facility. There are film equipment rentals available on campus, as well as catering services and an on-site eatery.
Along with Showtime, tenants at the Lot include Oprah Winfrey’s OWN Network and Funny or Die, a production company owned by Will Ferrell.
Most of CIM’s development work is in Hollywood. Among a handful of other projects, the firm is developing a media production complex at 926 Sycamore Avenue in the neighborhood. In October, CIM filed for a permit with an expected construction cost of $15.9 million.
The firm recently ended up a lengthy court battle and re-approval process for its 22-story Sunset Gordon residential tower in Hollywood, which will allow it to re-open after four years vacant. [Urbanize] — Dennis Lynch
Source: The Real Deal Los Angeles