After a year on the market, the historic Hollywood soundstage complex near downtown Los Angeles has had its listing relisted and its price dropped from $45 million to $25 million.
Occidental Studios, the space that includes four phases totaling 31,489 square feet along with eight office buildings and cottages on 2.75 acres, was previously marketed by real estate services giant CBRE along with a 4,500-square-foot building off-site that was used as a mill. The new listing cuts this building off-site, a broker’s representative confirms Hollywood ReporterHowever, it also cuts $20 million off the asking price.
While property values in the city are generally on the rise, the audio market appears to be going through a moment of transition recently due to the broader decline in studio film and TV production spending since 2023. With fewer features and episodes being shot on location in much of the city, stages are competing for a smaller pool of studio projects and are being marketed to YouTube creators and upstart small drama producers as a way to try to fill the gap.
California officials hope that cutting red tape and offering more incentives for projects to film on location will reduce the production journey. Early signs of film and TV spending this year point in the right direction so far.
The owner of the historic studio complex, now worth $25 million, is Occidental Entertainment Group, led by CEO Craig Darian, an audio operator and producer who runs Tricor Entertainment. (Real estate site The Real Deal has noted the price declines at Occidental previously.)
The Los Angeles space traces its Hollywood roots back to 1913, with icons like Mary Pickford, Charlie Chaplin and Douglas Fairbanks working on projects at the Occidental location. Shows filmed on its stages include Fox’s New girl And HBO Sharp objects. In the updated list of the main group, Disney, Paramount, Fox, NBC and Netflix are described as “repeat customers.”
But major soundstage owners are evaluating their footprint in Los Angeles, where occupancy rates have declined over the past several years due to a shorter number of TV episodes in orders and fewer major films. Hudson Pacific, the owner of Sunset Bronson Studios leased from Netflix, is ending multiple audio station leases it had for its Quixote brand of services in the city.
The major sales are set to shake the scene. Netflix is in serious talks to close a deal to buy the historic Radford Studio lot in Studio City, where it could choose to move more projects. Television City Studios and Manhattan Beach Studios may also be sold in the near future by owner Hackman Capital Partners, a major player in the audio space that could be looking to shift its footprint outside of Southern California.
CBRE, which represents Occidental Studios, describes the site in the listing as “an unparalleled opportunity to acquire or lease a fully functional period piece of land.”
