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HBO is moving! The media giant has decided to leave its longtime home in Santa Monica for a five-story office building under construction on Venice Boulevard in Culver City.
What we know so far
News of the move recently shook Silicon beach, as the premium cable network has called Santa Monica home since 2004. HBO will move in 2021 and will be part of the Ivy Station mixed-use development, a $350-million project that will include apartments, restaurants, and shops.
It was recently announced that HBO would occupy all 240,000 square feet of office space in the complex. This is a huge development for the once quiet Culver City — which is experiencing massive growth as the home to Amazon Studios and numerous advertising and digital media shops.
Why Culver City?
Culver City has become a hot bed for entertainment over the last few years. Consisting of just over 5 square miles of land, the small but mighty community is rapidly growing. Last year, Amazon Studios moved into the historic city, and later decided to lease 75,000 square feet of office space at the new Culver Steps development.
According to Tom Wulf — executive vice president of Lowe, on of the Ivy Station Developers — HBO was attracted to the space because it has easy access to public transit, lodging, shops and restaurants.
According to the LA Times article, the network initially considered moving into a new Washington Boulevard office building near Culver City’s art gallery district, but Apple Inc. ended up leasing that space instead.
News of this move comes on the heels of HBO’s announcement of a major revamp. The media conglomerate is preparing to launch a streaming service later this year to compete with Apple, Netflix Inc., Amazon.com Inc. and Walt Disney Co. The streaming service will showcase programming from HBO and other TV networks, including TBS and TNT, which now are owned by AT&T.
HBO plans to expand their programming now that their massive hit series “Game of Thrones” begins its final season. The marching orders to expand programming came from AT&T — the telecommunications giant that spent $85 billion to acquire Time Warner Inc. in 2018.
About Ivy Station
Ivy Station is envisioned as a roughly 500,000-square-foot campus of contemporary-style, mid-rise buildings. The space will feature 200 apartments, 50,000 square feet of ground-floor retail and restaurant space and a 148-room hotel. The brand of the hotel will be identified later, the developers said.
According to an article by the LA Times, the financial terms of HBO’s 15-year lease were not disclosed, but landlords in the area typically ask for about $4.50 a square foot a month, according to statistics compiled by real estate brokerage CBRE. Making monthly rent well over $1 Million.