ProjectsThe Lot

SUMMARY:
  • 13 acre property
  • 320,000 sf mixed use Studio
  • Office/Production/Post Production
  • Development Potential
  • Visit TheLotStudios.com
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1041 North Formosa Avenue, West Hollywood, CA 90046

The Lot

Building on the success of the Ten9Fifty project, Skye Partners purchased Warner Hollywood Studios in 2000, and rebranded the facility as “The Lot”. The property comprised 320,000 square feet of production office, sound stage and post-production space on 13 acres of land, and is located in the City of West Hollywood. Acquired using equity capital from New York City based hedge fund Cerberus Capital Management and syndicated bank debt, the deal was highly structured to accommodate the needs of both buyer and seller.

Skye Partners radically restructured studio operations, which resulted in significantly improved management efficiencies, significantly reduced operating costs, and as a result, a vastly improved financial performance. Skye Partners’ successful operation of The Lot has allowed Skye to develop on-going relationships with all of the major users in the entertainment world; many of whom consider the lot to be their “first call” independent facility. Skye Partners has now managed the property for twelve years and has earned an unequaled reputation within the industry for efficient, high quality service and operational flexibility.

Skye Partners, working over many years with the City of West Hollywood, has also successfully resolved a number or significant land use issues. Faced with an eminent domain proceeding, initiated by the City of West Hollywood, Skye Partners negotiated an extremely favorable settlement that resulted in a significant increase in overall property value. In exchange for the sale of a non-contiguous parcel, the Studio was able to build a 733 vehicle parking structure, on a historically under-parked facility, and, most importantly, perfected entitlements which provided for the redevelopment of the property and allowed for the addition of approximately 600,000 square feet of additional area.