In Los Angeles, scripted television was the backbone of many sound stages, with the green light string boom during the Streaming Wars era fueling increased production. Then a decline in spending starting in 2023 stalled momentum, more stages lost tenants (particularly as broadcasters reduced orders and episode numbers) and occupancy rates began to decline.
On average, Los Angeles soundstages surveyed by FilmLA were 93 percent occupied as of 2019, and that number dropped to 62 percent as of last year. With this shift, more complexes have retooled themselves into creative complexes — including, in particular, Sunset Las Palmas Studios — to host action shoots or small vertically shot dramas with the goal of capitalizing on one booming sector. Other universities have positioned themselves in the area (notably Radford Studio Center, which is in talks to sell to Netflix) or are considering repurposing themselves for different industrial uses.
One studio complex now on the market, 3030 Andretta Street in Atwater Village, is touting three existing Soundstages totaling 34,500 square feet. The campus, which now bears the name BoxCar Studios but was previously called 3030 Studios, is described by listing agent CBRE as “an ideal fit for a studio, production company or content creator requiring a plug-and-play facility” following what is said to be $18.6 million in renovation upgrades.
The space hosted the ABC soap All my children for streaming as well as several Netflix productions for filming. It was once used as a basement facility by Capitol Records, and in the 2000s, Playboy rented the complex for its television set, with Hugh Hefner reportedly maintaining an office on campus. Private equity fund Gaw Capital acquired the site in 2018 for $31 million.
The four-acre campus, zoned for a range of M1 industrial purposes including media, is now back on the market, with marketing materials building on its proximity to Los Angeles’ creative engine (“more than 60 production facilities within 10 miles”). The property is available for sale or rent.
“This offering represents a rare opportunity to acquire a fully renovated, production-ready campus with a blank slate for value creation,” says Michael Longo, senior vice president at CBRE. “The property’s flexible design and M1 zoning support a range of uses, from multi-tenant studio and creative production to single user occupancy, making Boxcar Studios able to meet evolving production demand.”
Part of the pitch is also that Los Angeles is likely to be a beneficiary as California continues to ramp up its tax incentives to attract film and TV projects, with Gov. Gavin Newsom doubling the program from $330 million to $750 million annually. This has led to the return of high-profile projects to the city, including the Fox Project Baywatch restart, and maintained the state’s position as a leading market for productive spending in the U.S., with $1.4 billion recorded in the first quarter of this year, according to industry tracker ProdPro.
Of the Atwater Village studio complex listing, CBRE CEO Longo adds, “At a time when production activity in Los Angeles is poised for a rebound and incentives are driving renewed interest, this asset is uniquely positioned to allow an investor to get ahead of the curve and realize significant upside.”
