A year after hitting the market, a historic Hollywood soundstage complex near downtown Los Angeles has had its listing reworked and price dropped from $45 million to $25 million.
Occidental Studios, the space that houses four stages totaling 31,489-square-feet along with eight office buildings and bungalows on 2.75 acres, was previously marketed by real estate services giant CBRE along with a 4,500 square foot building off-site that was used as a mill. The new listing cuts that off-site building, a rep for the broker confirms to The Hollywood Reporter, yet it also shaves $20 million off the asking price.
While real estate values in the city are generally rising, the soundstage market appears to be in a transition moment of late due to a broader pullback in studios’ movie and TV production spending since 2023. With fewer features and episodes shooting on-location in lots in the city, stages are competing for a smaller pool of studio projects and are marketing to YouTube creators and upstart microdramas producers as a way to try and fill the gap.
California officials are hoping that cutting red tape and offering more incentives for projects to shoot on-location will curb production flight. And early film and TV spending signs this year are pointing in the right direction so far.
