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Home | Economy & Business | House owners are promoting iconic Occidental Studios and need $45 million for it
Economy & Business

House owners are promoting iconic Occidental Studios and need $45 million for it

By Admin02/07/2025No Comments3 Mins Read
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Owners are selling iconic Occidental Studios and want $45 million for it
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FOX Enterprise’ Max Gorden reviews from Los Angeles, California on Occidental Studios that’s at the moment up on the market.

A well known Los Angeles movie studio lot is up on the market with an eight-figure price ticket.

The homeowners of Occidental Studios want to promote the historic movie studio for $45 million. 

“It is a place with an entire lot of historical past. It was first constructed again in 1913 earlier than some motion pictures even had sound,” FOX Enterprise correspondent Max Gorden reported Wednesday. “It comes full with workplace area. It comes full with bungalows, after which there’s additionally 4 sound phases right here.” 

The Occidental Studios property carries a $45 million price ticket. (CBRE)

Stage 1, the largest of its sound phases, sprawls 14,000 sq. ft and has ceilings that tower 54 ft excessive, he reported.

A view of the inside of Stage 1 at Occidental Studios

A view of the within of Stage 1 at Occidental Studios. (CBRE)

“If we are able to’t promote at $45 million or there about on phrases that we’re snug with, it’s not going to be only a cash play, it will likely be a successor play,” Occidental Leisure Group Holdings CEO Craig Darian advised FOX Enterprise. “We’re holding a chunk of artwork, and we’re going to be cussed within the subsequent era. It’s not gonna be bought to only anyone.” 

MEL GIBSON EMBRACES LAS VEGAS MOVIE PRODUCTION AS HOLLYWOOD STRUGGLES

They need the subsequent proprietor of Occidental Studios to maintain filming on the property, in response to Gorden. 

One other movie studio was reportedly acquired by singer John Mayer and movie producer McG final 12 months for a worth much like what the homeowners of Occidental Studios are asking. That property, Jim Henson Studios, traded fingers in a roughly $44 million deal. 

Sound phases in Los Angeles noticed a mean occupancy price of 63% final 12 months, in response to FilmLA. That marked a five-percentage-point decline from 2023. 

Hollywood has been vying with different locations within the U.S. and different nations for the filming of films and tv lately, in response to Gorden. 

LOS ANGELES SEES CONTINUING DECLINE IN FILM AND TELEVISION PRODUCTION

He additionally reported California lawmakers lately authorised a measure to carry the amount of cash allotted to the state’s movie and tv tax credit score program to $750 million per 12 months. It had beforehand been $330 million. 

los angeles

Los Angeles is at the moment house to roughly 8 million sq. ft of stage manufacturing area. (ETIENNE LAURENT/AFP by way of Getty Photos / Getty Photos)

“It’s extra reactive, candidly, than proactive,” Darian advised FOX Enterprise. “Whether or not it’s too little, too late, it’s a recreation that we’ll have to concentrate to. Our legislators must be very attentive to how vital this business is.” 

The leisure business in Los Angeles “brings over $30 billion to California and helps over 200,000 native jobs,” in response to the Metropolis of Los Angeles’ Financial and Workforce Improvement Division. It is usually a big driver of tourism for the town.

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Los Angeles is at the moment house to roughly 8 million sq. ft of stage manufacturing area, in response to FilmLA.

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