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.