Fox Corp., one of the largest entertainment companies headquartered in Los Angeles, is expanding its soundstage space to meet the growing demand from production studios for broadcast television shows and movies.
The New York-based media giant plans to build nine soundstages at its long-standing production house in Century City in 10201 W. Pico Blvd.according to a Fox statement.
The announcement comes after similar growth is planned in the Los Angeles metropolitan area in lots for CBS, NBCUniversal and Warner Bros. Discovery. In February, Radford Studio Center, where the hit TV shows “Seinfeld,” “Gilligan’s Island” and “Will & Grace” were produced and filmed, revealed plans for $1 billion in upgrades to his studios at 4024 Radford Ave. in the Studio City neighborhood.
The move is expected to support the generation of more digital entertainment, as studios have struggled in the past to find space to develop content.
The construction of Fox could have a direct local economic impact of $1.5 billion, according to the statement. Other construction includes a 24-story media campus office building along Olympic Blvd.
Fox also said it is interested in finding a development partner to build a 35-story building on the northeast portion of its lot along Avenue of the Stars “to attract a notable corporate presence and provide a new headquarters opportunity for Century.” City,” according to the statement. . The move was reported early Thursday by Los Angeles Times.
“Fox Studio Lot is one of the most iconic and treasured production locations in entertainment history,” Lachlan Murdoch, Fox’s CEO and CEO, said in the statement. “The Fox Future project represents a long-term commitment to our industry, our community and the city of Los Angeles.”
Fox’s investment in the expansion of its approximately 50-acre studio lot in Los Angeles comes after spending $13.5 million on approximately 10,600 square feet of property at 10271-10275 W. Pico Blvd. in December.
Fox did not respond to a request for comment from CoStar News on whether those properties may be part of its future construction plans.
The Fox lot currently contains 15 soundstages and other facilities totaling approximately 2 million square feet. The lot opened in October 1928. Fox owns the lot, not Walt Disney Co., because the property was not included in the 2019 sale of 21st Century Fox entertainment assets to Disney. Walt Disney currently leases the lot. owned by the Fox studio.
Studio space continues to be in strong demand in Los Angeles with the additional production of movies and television shows. There are about 5.4 million square feet of certified performance space in the Los Angeles metropolitan area. Another 9.2 million square feet of soundstage space is proposed or under construction, according to a September report by Savills.
That being said, there are concerns about producing soundstages. could exceed demand. There was a 2.4% year-over-year decrease in shooting days in Los Angeles in 2022, according to the nonprofit Film LA, a Los Angeles-based group.