Panavision Inc. signed a 145,000-square-foot headquarters lease for the entire building at 6101 Variel Avenue in Woodland Hills, Calif. 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 18-year lease is valued at approximately $50 million.
Angelo, Gordon & Co., the New York-based private equity firm, purchased and is improving the Variel Avenue building specifically for Panavision.
The company is relocating just 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.
“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. We conducted a comprehensive search over a 14-month period before committing to the Warner Center property,” said Studley’s Sullivan.
"Additionally, the transaction terms provide significant tenant improvement dollars allowing Panavision to fully customize the space,” noted Sullivan.
Panavision employs approximately 400 employees and all will be retained in the relocation.