Los Angeles has attracted yet another major production studio with local government support amid a struggling entertainment industry.
Mayor Karen Bass cut the ribbon on Cinespace Studios’ new campus in Woodland Hills March 2, marking one more step in her long-term policy to revive L.A.’s film scene after disruption by the Covid-19 pandemic, industry strikes and the January wildfires last year.
Located at 21200 Victory Blvd., the 10-acre soundstage campus spans 180,000 square feet, bringing six 18,000-square-foot soundstages and 72,000 square feet of production offices to the San Fernando Valley. It marked Cinespace Studios’ debut in L.A. and its sixth global production facility, after establishing hubs in Chicago, Atlanta, Germany and the production company’s native Toronto.
“Los Angeles is where this industry was built, and where its future continues to be shaped,” said Eoin Egan, co-chief executive of Cinespace Studios, in a statement. “While the market is navigating a period of transition, we believe deeply in the resilience of this city, the talent that defines it, and the enduring demand for world-class production infrastructure.”
With the ribbon-cutting ceremony, Cinespace Studios now operates 115 soundstages across 4.3 million square feet of production space. The new location is already busy: production for directing duo Adam Schindler and Brian Netto’s upcoming thriller “Nightwatching” is already underway at the new facility, shares Cinespace Studios.
Broader landscape
Founded in 1988 by Nick Mirkopoulos, Cinespace Studios broke into the U.S. market in 2010 with its Chicago hub, and has since then helped produce “Stranger Things,” “The Handmaid’s Tale” and “The Summer I Turned Pretty.”
In 2021, the production company was acquired by Texas- and California-based TPG Real Estate Partners for about $1.1 billion.
The expansion came the same week that the mayor reduced filming fees at the Griffith Observatory from $100,000 to $30,000, a level unseen since 2008. The city is also opening up the L.A. Central Library to film after more than 10 years of red tape. Last year, Gov. Gavin Newsom expanded California’s film and television tax credit program from $330 million to $750 million yearly till 2030.
L.A. is creating a space for a film revival – with multiple soundstages slated to open this year to take up the challenge.
“Today’s grand opening of Cinespace Studios’ first campus in Los Angeles is a testament to what we’ve always known – L.A. is the creative capital of the world,” said Bass. “Seeing new soundstages open with a production already underway speaks to the collective strength of our signature industry.”
