Office Conversions Roll On
Commercial Observer
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It’s going to be the fate of many an older office building in the United States: conversion into something else. The latest one: A six-story office building in the L.A. area that will become 309 apartments. Also for today, three major commercial real estate players are advancing a plan to build Manhattan’s first-ever film studio.
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— Tom Acitelli, Deputy Editor
Lincoln Property Company Plans Office-to-Resi Conversion in Culver City
Development firm LPC West is adding more to its plate in Culver City, Calif., with a fresh plan to replace an older office property with a mixed-use apartment complex. Lincoln Property Company’s West Coast subsidiary filed plans for the entitlements, including density and height bonuses, to build 309 units in the growing Fox Hills neighborhood, Urbanize reported. Twenty-seven of the units would be designated as very low-income affordable housing. The six-story building will rise on a 2.2-acre site at 5700 Hannum Avenue with studio, one-bedroom and two-bedroom apartments. The KFA Architecture-designed plan also calls for 5,600 square feet of ground-floor commercial space; more than 54,000 square feet of open space, including a central courtyard, a gym, common rooms, and a rooftop amenity deck; and parking for 428 vehicles.
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Developers Plot Manhattan’s First-Ever Film Studio as Actors Remain on Strike
Most Hollywood creatives have been on strike this year, but New York is betting the entertainment industry will need state-of-the-art studio space minutes from Midtown in the near future. Vornado Realty Trust, Hudson Pacific Properties and Blackstone are joining the city in a $350 million public-private partnership to build Manhattan’s first-ever production studio center on Pier 94 on the Hudson River, the city announced. The site, which will include a 250,000-square-foot campus with six soundstages, is expected to create 1,300 construction jobs and 400 permanent ones on the site and generate $6.4 billion within New York’s economy, according to city officials. It aims to put studio space outside the outer boroughs — where soundstages have proliferated thanks to cheaper land — and in the heart of Manhattan, making it more convenient for stars than schlepping out to Queens.
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