Sunset Glenoaks Studios, a 240,000-square-foot production campus in Sun Valley built by Blackstone and Hudson Pacific Properties, is now on the market in a lender-facilitated sale. The seven-stage lot, announced in 2021 and opened in 2024, cost roughly $200 million to build and was supposed to anchor the partners' bet on Los Angeles studio real estate. Instead, it never stabilized the way its developers had hoped.
According to Bisnow, Sunset Glenoaks Studios is on the market in a lender-facilitated sale, with Colliers marketing the property and brokers asking for best offers rather than publishing a set price. Representatives for Blackstone, Hudson Pacific and Colliers did not immediately respond to requests for comment, Bisnow reported. The outlet's reporting forms the backbone of much of what's known about the sale itself, since the exact asking price, any bidders, or a closing timeline have not been disclosed.
The listing follows months of warning signs. Back in March, CoStar reported that Hudson Pacific was evaluating certain studio properties for potential sale, including Sunset Glenoaks, and that CEO Victor Coleman had called the Sun Valley property's performance a disappointment. The same report noted Hudson Pacific posted a net loss of nearly $278 million in the fourth quarter of 2025.
A Separate Billion-Dollar Loan Gets More Time
Hudson Pacific and Blackstone also carry financing on a different set of properties: the Hollywood Media Portfolio, a three-studio group that is 95.5% leased as of early August, with tenants including ABC and Netflix, per Propmodo. Hudson Pacific owns 51% of that joint venture, with Blackstone holding the remaining 49%, the same report noted.
In August 2026, the partners extended the loan tied to that portfolio to a November 9, 2027 maturity, with the stated interest rate unchanged and no principal paydown required at closing, according to a disclosure from Hudson Pacific Properties distributed via Business Wire and confirmed in a filing with the U.S. Securities and Exchange Commission. Bisnow's own reporting described a $1 billion loan on the partners' Hollywood studios and creative offices that matured in August 2026 before being extended to November 2027, while Hudson Pacific's own disclosure and other reporting put the figure at $1.1 billion — a discrepancy the available records do not resolve.
Soundstages Sit Empty Across Los Angeles
Sunset Glenoaks' struggles are playing out against a broader collapse in Los Angeles production demand. Soundstage occupancy fell to 62% in the first half of 2025, the lowest level FilmLA has ever recorded, according to Variety, down from 90% in 2022. California production employment fell 40% over roughly the same stretch, dropping from 136,000 jobs in 2022 to 82,000 by September 2025, Variety reported, even as the county's soundstage inventory kept growing, reaching about 8.3 million square feet in 2025, up from 8 million the year before.
The slide has continued into this year. Greater Los Angeles recorded 4,171 on-location shoot days in the three-month period ending September 30, down 4.8% from a year earlier and nearly 29% below the five-year average, the Los Angeles Times reported. Television shoot days totaled 1,400 in the third quarter, a 2.8% drop from the same period in 2025, with about 23% of those TV shoot days going to projects receiving incentives, up from roughly 9% a year earlier, the paper noted.
Other Studio Owners Face the Same Squeeze
Hudson Pacific and Blackstone aren't alone in feeling the pressure. Episodic television made up only about a fifth of production on Los Angeles stages and backlots in 2023, down from roughly 30% in prior years, and scripted TV shoot days fell another 23% on participating stages in 2024, according to The Hollywood Reporter. That outlet also reported that four of Hackman Capital Partners' five major Los Angeles studio properties, including Television City, are currently being marketed.
The value erosion shows up in recent deal comparisons cited by the same Hollywood Reporter report: ViacomCBS sold Radford Studio Center for $1.85 billion in 2021, and Netflix is now reportedly closing in on a deal for that same property at about a fifth of that price. Warner Bros., meanwhile, sold its Ranch Lot for $175 million in 2023 under a deal struck years earlier. New construction hasn't stopped altogether — East End Studios opened its $230 million Mission Campus in January, and Cinespace unveiled a six-stage facility in Woodland Hills in March — but the new supply is landing in a market still trying to absorb what's already built.
Sunset Glenoaks was announced in 2021 as part of Blackstone and Hudson Pacific's push into the Los Angeles production real estate market, with seven sound stages spread across more than 10 acres, according to Deadline's original coverage of the project. The campus cost roughly $200 million to build. Whether a buyer emerges, and at what price, remains unknown for now.
