Plans Are Afoot for $450M Echelon Studios
Bain Capital Real Estate has submitted plans to the city of Los Angeles to invest $450 million to develop Echelon Studios, a five-acre site at 5601 Santa Monica Blvd. The urban studio campus will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot creative village of high-end bungalows.
Bain Capital Real Estate and BARDAS IG 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 submarkets in Los Angeles. To date, the joint venture has invested in and has a pipeline of existing and new development projects encompassing approximately 1 million square feet ranging from a boutique 15,000-square-foot creative office now under construction at 712 Seward to a 550,000-square-foot urban studio campus, the first purpose-built urban studio campus property built in Hollywood in more than 20 years.
“The increase in demand for new content and limited existing studio and production space is generating competition in the market,” said David Simon, founder and managing principal of BARDAS Investment Group.
The development project will also include 350,000 square feet of creative space located within two mid-rise office buildings.