Vornado Realty Trust, Hudson Pacific Properties, Blackstone, the City of New York, and New York City Economic Development Corporation (NYCEDC) announced they have entered into Manhattan?s first public-private partnership venture to build a purpose-built studio campus at Pier 94. Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9%; Hudson Pacific will own 25.6%; and Blackstone?s institutional Core+ Real Estate strategy will own 24.5%. Vornado will be responsible for development and Hudson Pacific will provide design oversight and manage the facility?s leasing and operations.

Sunset Pier 94 Studios will be a first-of-its-kind space, home to both film and production technology that will make New York City even more competitive with other comparable markets, as well as impressive amenities for all New Yorkers including new public restrooms for Hudson River Park, an 1,850-square-foot community amenity space, 25,000 square feet of waterfront open space and pier access, and safety improvements to the bikeway. There will also be a program to support workforce development and training programs to connect local residents to opportunities in film, television, commercial and other media production. The project represents a total investment of approximately $350 million from Vornado, Hudson Pacific and Blackstone, and is expected to create more than 1,300 construction jobs, 400 permanent jobs and contribute $6.4 billion to the local economy over the next 30 years.

Construction will begin in third quarter 2023, utilizing $183 million in construction financing led by RBC, and delivery of the project is expected by year-end 2025. Pier 94 will cement New York City as one of the preeminent places for the film and television industry to film while also contributing to the needs of the local community. Plans for the 266,000-square-foot Sunset Pier 94 Studios include six purpose-built soundstages with production control room facilities and 145,000 square feet of production support space and offices, with stunning Hudson River views and ample on-site parking.

Several stages will have technological infrastructure for adaptation to virtual production. The facility?s location, design, size and technological capabilities will provide world-class convenience and flexibility for episodic television, live audience television and feature films. In alignment with the broader Sunset Studios portfolio, Sunset Pier 94 Studios will prioritize sustainability, targeting LEED Gold and Fitwel certification, with plans for operations to be powered by 100% renewable energy. The new facility will be the first New York location for Hudson Pacific and Blackstone?s growing studio platform and synergistic with its existing Los Angeles operations.

With the addition of Sunset Pier 94 Studios, Sunset Studios will comprise 69 existing and planned stages globally across six purpose-built facilities, all in top-tier locations within the well-established and supply constrained production epicenters of Los Angeles, London and New York. Hudson Pacific?s Quixote brand operates an additional 26 stages in Los Angeles and New Orleans and services productions in Los Angeles, New York, Atlanta, New Orleans and Albuquerque. Simpson Thacher advised affiliates of Blackstone in connection with its public-private partnership venture with Vornado Realty Trust and Hudson Pacific Properties to develop a film and TV studio complex at Pier 94 in Manhattan along with the City of New York and New York City Economic Development Corporation.