Kilroy Realty Corporation announced that it has acquired an approximate four-acre parcel near the intersection of Sunset Boulevard and Vine Street in Hollywood, California, from the Academy of Motion Pictures Arts and Sciences (AMPAS) in an off-market transaction, for USD 46 million. The company said it will seek approval and obtain entitlements to develop a creative media mixed-use campus to comprise about 475,000 sq ft of low and mid-rise office space, apartments and retail space and will invest between USD 250 million and USD 300 million. The site currently consist of vacant industrial buildings and a landscaped open space created in 2012 for public movie screenings.

The buildings will generate revenue via short term leases, the site will be used for excess parking and the improved grounds will be used for special events, film and commercial shoots. Entitlements are expected to take 18 to 24 months.