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Netflix to lease 200K square feet in Hollywood's Icon office tower

By Doug G. Ware
Netflix to lease 200K square feet in Hollywood's Icon office tower
Netflix, which once solely rented DVDs and streamed video, is now producing original content like "Orange is the New Black." Photo: Leonard Zhukovsky / Shutterstock

HOLLYWOOD, Aug. 27 (UPI) -- Video streaming giant Netflix has taken up a lease to occupy nearly all the 200,000 square feet of office space of a Hollywood tower, reports said Thursday.

Variety reported that Netflix is planning to use the Icon tower for the long term. The building is still under construction and scheduled for completion next year. The Los Angeles Times reported Netflix's move date will be 2017.

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Netflix and the building's owners said their agreement is the largest ever in Hollywood, in terms of square footage.

Exactly how long Netflix's lease is or how much it might be worth were not immediately reported.

"Icon is a state-of-the-art facility that places Netflix squarely in the middle of Hollywood's creative culture to support our next stage of growth and content creation," Netflix CFO David Wells said. "The property's combination of office, stage and production space provides an ideal setting."

With about 200,000 square feet of office space to fill, Netflix said it will eventually move its Southern California operations -- which are now based in Beverly Hills -- to the new location, Variety's report said.

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Netflix, once merely a video streaming service, now produces original programming in and around the Hollywood area, which makes business sense for the company's new offices.

Netflix only has about 100,000 square feet of office space in the Los Angeles area, the Times report said.

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