A century-old Los Angeles studio lot is getting a fresh pitch to buyers after a major price reduction.

Occidental Studios, a legacy production facility near downtown Los Angeles, is now being marketed at $25 million, down from its previous $45 million asking price. The revised listing focuses on the studio’s main 2.75-acre lot, which includes four soundstages totaling more than 31,000 square feet, along with office buildings and production bungalows. An off-site mill building that had been included in the prior offering is no longer part of the package.

The shift comes at a complicated moment for Los Angeles production real estate. After years of aggressive demand for stage space, the market has cooled as studios and streamers have pulled back on film and television spending. Shorter episode orders, fewer major features shooting locally and a broader industry reset have left many facilities chasing a smaller pool of traditional studio work.

At the same time, stage operators are looking beyond legacy clients, courting creators, branded content, digital producers and lower-budget formats as the definition of production continues to widen.

Occidental’s pitch leans heavily on its Hollywood history. The lot traces its roots to 1913 and has hosted productions tied to names including Mary Pickford, Charlie Chaplin and Douglas Fairbanks. More recently, series including New Girl and Sharp Objects have filmed there. The updated marketing materials cite Disney, Paramount, Fox, NBC and Netflix among frequent clients.

The property is owned by Occidental Entertainment Group, led by Craig Darian, a producer and studio operator who also runs Tricor Entertainment.

The price cut arrives as several major Los Angeles studio assets face potential ownership changes or strategic reevaluation. Netflix has been in talks around the historic Radford lot in Studio City, while other major studio properties, including Television City and Manhattan Beach Studios, have also drawn attention amid questions about where production infrastructure is headed next.

For buyers, Occidental is being positioned as a rare chance to acquire or lease an operating legacy studio lot at a moment when the Los Angeles production business is trying to define its next chapter.