Sound stage and production services provider Quixote Studios has sold itself to LA-based Hudson Pacific Properties, owner/operator of the Sunset Studios group, for $360 million
Quixote rents sound stages, cast trailers, trucks, grip and lighting and other equipment for content productions, including long-form television and feature films, high-end photo shoots and commercials. Clients include ABC/Disney, HBO, Sony, Paramount, NBC Universal and Warner Bros. and content from Apple’s The Morning Show, Paramount’s Yellowstone, HBO’s Curb Your Enthusiasm and Insecure, Disney’s Jungle Cruise and Marvel’s Avengers: Infinity War.
Publicly traded real estate investment trust Hudson Pacific expects the transaction will be “immediately accretive” to its financial results. Its EVP of Global Studios and Services, Jeff Stotland, said the deal “represents further execution of our strategy to enhance our core studio business for customers with a full-service offering of soundstages, both in terms of size and location, and production services in key global markets.”
California's Sunset Studios Expanding To UK's Hertfordshire With $1B Film & TV Facility
Quixote, founded in 1995 by Mike Elliott, has seen strong growth in LA, New York, Atlanta and New Orleans, It has 325 employees; over 500 cast trailers, trucks and specialized vehicles; one of the industry’s largest inventories of grip and lighting and production equipment; and long-term lease rights to 23 sound stages in LA and three in New Orleans.
Elliot will remain in a leadership role.
The need for sound stages and high-end support has been pressing with the rise of streaming and lack of available production space. Big players have been jumping in. Hudson, in partnership with Blackstone, has acquired Sunset Gower, Sunset Bronson, Sunset Las Palmas and is developing Sunset Glenoaks, becoming become one of the largest independent owner-operators of studio space. The Sunset portfolio includes more than 60 stages across five lots in Los Angeles and the U.K. Its production services transportation fleet of more than 1,400 specialized vehicles services productions in LA, Atlanta and Albuquerque.
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