Los Angeles, CA (November 22, 2014)
Deluxe Media has leased the entire two-story, 40,315-square-foot building at 900 North Seward Street in the heart of Hollywood. The entertainment company consolidated several of its business units into the new location. The custom-built, single-tenant property will be used for post-production and editing services as well as industry screenings.
The 10-year lease includes prominent building signage and dedicated, free use of the 85-space parking lot.
Andrew Lustgarten, Corporate Managing Director, and Mark Sullivan, Executive Vice President and Regional Director, in Savills Studley’s downtown Los Angeles office, represented Deluxe in the transaction.
The building had been occupied by Todd Soundelux and features a state-of-the-art sound facility and multiple machine rooms and edit bays.
“The previous tenant, who declared bankruptcy in 2014, spent millions of dollars on site- and industry-specific improvements, providing significant residual value,” stated Sullivan.
“By acting quickly, our client was able to secure a highly desirable property in move-in condition, saving significant upfront capital and allowing for the seamless relocation of its business with zero downtime,” added Lustgarten.
Savills Studley has represented Deluxe on multiple transactions throughout the country.
900 North Seward Street is located in what is known as the Hollywood Media District. Adjacent to Santa Monica and Highland boulevards, the building is situated close to many of the major film and television studios as well as other leading entertainment industry businesses.
The landlord, Vista Investment Group, was represented in-house.
Deluxe Entertainment Services Group Inc. is a global leader in media and entertainment services across film, video and online original content from capture to consumption.
Since 1915, Deluxe Entertainment has been the trusted partner for the world’s most successful Hollywood studios, independent film companies, TV networks, exhibitors, advertisers and others, offering best-in-class solutions in production, post-production, distribution, asset and workflow management and new digital solution-based technologies.
The company employs nearly 6,000 of the most talented, highly honored and recognized artists and industry veterans worldwide. Deluxe Entertainment is a wholly owned subsidiary of MacAndrews & Forbes Holdings Inc.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).