First New Purpose-Built Urban Studio Lot Development in Hollywood in More Than 50 Years
HOLLYWOOD, CA and BOSTON – May 9, 2024 – BARDAS Investment Group (“BARDAS”) and Bain Capital Real Estate (“Bain Capital”) today announced the groundbreaking of Echelon Studios, a new 600,000 sq-ft. state-of-the-art urban studio campus located on a 5.5-acre site at 5601 Santa Monica Boulevard in Hollywood. The complex, which is conceived of as a modern movie studio lot, is expected to be completed in the second quarter of 2026.
Designed by RIOS and located in the midst of the beloved movie studio lots of Hollywood, Echelon Studios will be the first new purpose-built urban studio lot developed in Hollywood in more than 50 years. The new production hub will fuse state-of-the-art soundstage production facilities and support infrastructure with ample digital production and creative office space to meet the evolving demands of content creators across industries.
Echelon Studios is centered around five sound stages (four 19,000-sq.-ft. soundstages and a 15,000-sq.-ft. flex stage) with an extensive base camp and mill. The complex will also feature a 90,000-sq.-ft. bungalow village with two six-story creative and production offices flanking the production studios and stitched together by the elevated bungalow village of executive and creative suites, all with unobstructed views of the Hollywood Hills.
“We have spent the last two years working through design and city approvals and are pleased the project has been well received by all constituents, and we thank the city for their collaboration,” said David Simon, Founder and Managing Principal of BARDAS. “Echelon Studios features an inspiring design that will promote collaboration for media and content creators, and we believe the state-of-the-art urban studio will be a focal point for creating the magic of film and television while helping to keep Hollywood in Hollywood.”
BARDAS and Bain Capital formed a joint venture in 2019 to pursue opportunities to acquire, renovate, develop, and operate production space targeted at users in the content and media industry, with a focus on the key content sub-markets in Los Angeles. The joint venture is developing approximately 1.5 million square feet of purpose-built content creation space in Los Angeles.
“This is a significant milestone for our partnership with BARDAS and reflects our commitment to utilizing innovative design focused on the needs of creatives to better serve Los Angeles’s hallmark industry,” said Joe Marconi, a Partner at Bain Capital. “With its prime location and purpose-built nature, we believe Echelon Studios is well positioned to meet the needs of discerning media users, foster creativity and enhance collaboration – elements that are core to the content creation process.”
The property will be part of the ECHELON brand’s national portfolio, which provides a unique amenity core of hospitality programing and services including on-site experiences, wellness platforms, premium food and beverage offerings and on-site management catering to the needs of the media and entertainment community. The property was acquired by the joint venture in 2021.
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About BARDAS Investment Group
BARDAS Investment Group, ("BARDAS"), in partnership with Bain Capital Real Estate, was established in 2018, with headquarters located in West Hollywood, California. It is a boutique commercial real estate development and investment firm dedicated to creating unique and inspiring workspaces tailored to the media and entertainment sector, with a focus on maximizing value and nurturing creativity. Under the leadership and vision of David Simon, BARDAS aims to exceed the expectations of today's creative users. Currently, the company is undertaking the development of over 1.5 million square feet of creative environments in Hollywood. Through strategic and innovative redevelopment approaches, BARDAS consistently generates value in the commercial real estate market, concentrating on high-potential markets in key West Coast cities. For more information, visit www.bardasinvestmentgroup.com.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $7.7 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit www.baincapitalrealestate.com.
About ECHELON
ECHELON embodies the industry's newest concept of fully integrated creative environments. Each ECHELON project exemplifies the Brand Standard of Next Gen design, catering to the creative community for production, post-production, and across traditional and digital media arts and disciplines. Going beyond mere physical infrastructure, technology, and design, ECHELON places a premium on delivering top-notch services aimed at nurturing and supporting the world's creative leaders and their teams.
