WOODLAND HILLS, CA-Panavision Inc. has signed an 18-year, $50 million lease to occupy an entire building owned by Angelo, Gordon & Co. of New York City and will relocate its headquarters there next year. The movie industry camera and equipment company’s new headquarters will be at 6101 Variel Ave., where the building ownership is improving the Variel Avenue property specifically for Panavision.
In addition to housing the company’s worldwide headquarters, the property will serve as a distribution facility for Panavision’s high-precision camera systems, lenses and related accessories. The company is relocating one-half block from its current location in Warner Center, the 1.5-square-mile business district in Woodland Hills. Panavision will be vacating 6219 De Soto Avenue next summer when its 15-year lease expires.
Panavision was represented in the transaction by Mark Sullivan, executive vice president with global tenant advisory firm Studley. Additional transactional support was provided by Andrew Lustgarten and Mark Robinson. The building ownership was represented by Ray Howden of Cushman & Wakefield.
“Panavision had a number of unique needs including requiring a prime urban location that provided a mix of light manufacturing space, loading docks, and corporate offices in a single low-rise building,” Sullivan said. “We conducted a comprehensive search over a 14-month period before committing to the Warner Center property.”
"Additionally, the transaction terms provide significant tenant improvement dollars allowing Panavision to fully customize the space,” noted Sullivan.
Panavision employs approximately 400 workers, and all will be retained in the relocation. The company, founded in 1954, is a leading designer and manufacturer of high-precision camera systems, including both film and digital cameras, and lenses and accessories for the motion picture and television industries. Its systems are rented through its domestic and internationally owned and operated facilities and distributor network. Panavision also supplies lighting, grip and crane equipment for use by motion picture and television productions.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
