It’s literally Hollywood coming to the Hudson. Vornado Realty Trust, Hudson Pacific Properties, Blackstone, the City of New York and New York City Economic Development Corporation (NYCEDC) have entered into Manhattan’s first public-private partnership venture to build a purpose-built studio campus at Pier 94. Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9%; Hudson Pacific will own 25.6% and Blackstone’s institutional Core+ Real Estate strategy will own 24.5%. Vornado will be responsible for development and Hudson Pacific will provide design oversight and manage the facility’s leasing and operations.
Sunset Pier 94 Studios will be home to both state-of-the-art film and production technology and amenities for all New Yorkers including new public restrooms for Hudson River Park, an 1,850-square-foot community amenity space, 25,000 square feet of waterfront open space and pier access and safety improvements to the bikeway. There will also be a program to support workforce development and training programs to connect local residents to opportunities in film, television, commercial and other media production.
“Our partnership with Blackstone, Hudson Pacific, and the City of New York will solidify New York as a leading market for content production and studio space, create jobs, drive economic momentum, and deliver a host of amenities to the surrounding community,” said Michael Franco, president and chief financial officer at Vornado Realty Trust. “Together we’ll raise the bar for one of New York City’s signature industries and breathe new life into a key waterfront site.”
The project represents a total investment of approximately $350 million from Vornado, Hudson Pacific and Blackstone, and is expected to create more than 1,300 construction jobs, 400 permanent jobs and contribute $6.4 billion to the local economy over the next 30 years. Construction will begin in third quarter 2023, utilizing $183 million in construction financing led by RBC. Delivery of the project is expected by year-end 2025,
“We are thrilled to partner with the City of New York, Vornado, and Blackstone to bring this unparalleled, ideally located production experience to New York. The city has an extensive, well-established production infrastructure yet is highly supply constrained in terms of stages,” said Victor Coleman, chairman and CEO of Hudson Pacific.
Plans for the 266,000-square-foot Sunset Pier 94 Studios include six purpose-built soundstages with production control room facilities and 145,000 square feet of production support space and offices. Several stages will have technological infrastructure for adaptation to virtual production. The facility’s location, design, size and technological capabilities will provide world-class convenience and flexibility for episodic television, live audience television and feature films. In alignment with the broader Sunset Studios portfolio, Sunset Pier 94 Studios will prioritize sustainability, targeting LEED Gold and Fitwel certification, with plans for operations to be powered by 100% renewable energy.
The new facility will be the first New York location for Hudson Pacific and Blackstone’s growing studio platform and synergistic with its existing Los Angeles operations. With the addition of Sunset Pier 94 Studios, Sunset Studios will comprise 69 existing and planned stages globally across six purpose-built facilities, all in top-tier locations within the well-established and supply constrained production epicenters of Los Angeles, London and New York. Hudson Pacific’s Quixote brand operates an additional 26 stages in Los Angeles and New Orleans and services productions in Los Angeles, New York, Atlanta, New Orleans and Albuquerque.
