Netflix is moving ahead with plans to take control of Radford Studio Center in Los Angeles in the coming months. A source close to the process told Deadline that the deal is progressing on the timetable agreed by the parties.
The purchase of the 55-acre production facility is expected to cost more than $400 million. Netflix did not respond to Deadline’s request for an update on the acquisition.
Hudson Pacific CEO Victor Coleman said on a November 5 earnings call that Netflix had not closed the Radford transaction. He said the company might decide later this year whether to complete it.
A Los Angeles real estate source told Deadline that the parties have not signed final documents and are likely to do so later this year. Talks are between Netflix and a Goldman Sachs-led group that took over Radford after Hackman Capital Partners defaulted on a $1.1 billion loan.
Netflix currently rents offices and venues in Los Angeles from Hudson Pacific. Its leases, including one for the ICON building, run until 2031. The company has been seeking a dedicated Los Angeles site for offices and production.
Radford’s specifications list 22 stages, 210,000 square feet of office space and 172,737 square feet of support space. The lot was the filming location for “Seinfeld,” “Gunsmoke” and “The Mary Tyler Moore Show.” Current tenants may need to have their leases bought out if Netflix takes control.
