Netflix Considers Relocating from Hollywood Offices Amid Urban Challenges

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Netflix Considers Relocating from Hollywood Offices Amid Urban Challenges

Netflix is considering relocating from a group of Hollywood buildings that have served as its Los Angeles base for several years.

The streaming-TV leader has begun to scout other possible locations, according to people familiar with Netflix’s plans. A spokesperson for the company declined to comment.

Netflix has leased space in buildings owned by Hudson Pacific Properties Inc. on or near Sunset Blvd. The company’s presence helped spark a renaissance in the neighborhood that includes new hotels, restaurants and apartments. Still, the Hollywood area is beset with homelessness and crime that can make it unattractive.

Netflix’s corporate headquarters is in Los Gatos, in northern California, but co-Chief Executive Officer Ted Sarandos lives in Los Angeles, as do several of the company’s senior leaders.

The company’s lease with Hudson Pacific expires in 2031. One option includes Netflix buying its landlord’s interest in the buildings, according to one of the people. That would also require it to work with Blackstone Inc., which owns 49% of the properties.

Hudson Pacific, a real estate investment trust that originally focused on office buildings, expanded into sound stages and studios for film and TV production. That business has struggled during the twin writers and actors strikes of 2023 as well as cutbacks in production by entertainment companies.

“We remain believers obviously in studios in general,” Hudson Pacific President Mark Lammas said on a Feb. 20 earnings call. “We’ve been in it from the beginning through the ups and downs, various changes and continue to believe that Los Angeles is going to wage a comeback here.”

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