Prepare to say goodbye to another surface parking lot on Sunset Boulevard. According to information from the Department of City Planning, an office development is slated for the northwestern corner of Sunset and Bronson. The specs read as follows:
5901 W SUNSET BLVD
DEVELOP NEW 17-STORY MIXED-USE PROJECT WITH 274,000 SQ FT OFFICE AND 26,000 (SQ FT) OF RETAIL
5901 Sunset is owned by a subsidiary of Hudson Pacific Properties (HPP). HPP also owns the Sunset Bronson Studios located across the street, where they have plans for a 14-story tower containing over 300,000 square feet of office space. I have reached out to a representative of HPP about the new proposal, and will update if I am provided with more information.
Although the overall Los Angeles office market remains sluggish, HPP is not the only company looking to build new space. At this time, over one million square feet of office space is either planned or under construction in Hollywood. Besides the two projects from Hudson Pacific Properties, here are some of the other developments contributing to that figure:
- CIM Group's under-construction Sunset Gordon project includes just under 40,000 square feet of office space.
- Kilroy Realty's Columbia Square re-development will bring 330,000 square feet of office to the market by late 2015.
- The J.H. Snyder Company has two Hollywood office projects looking to break ground within the next year: a 245,000 square foot campus at 959 Seward and a 114,000 square foot building at 1601 Vine.
- The controversial Millennium Hollywood development could contain upwards of 215,000 square feet of office space.
While office vacancy rates in Hollywood are currently in the double-digits, that number only tells part of the story. Bloomberg Businessweek reported in 2012 that only one-third of Hollywood's current office stock meets Class-A criteria. The upcoming developments seek to rectify this problem, making the neighborhood more capable of attracting tenants from the tech and entertainment industries.
- Case Information Summary Sheet (Department of City Planning)