Westfield Galleria, a major entertainment venue in Los Angeles, has officially announced that it has bought a $1 million cinema from the company that made the original, the iconic Warner Bros. Studios.
The deal was announced today at the Los Angeles City Council’s Public Works Committee meeting.
The project, which is being financed by the California State University System, was designed by architects Arup & Partners, and will be completed in 2020.
Westfield will have about 100,000 square feet of entertainment space, which will be able to seat more than 150,000 people.
The building is slated to be finished in 2019, and the new project will add to the company’s history of producing high-end, award-winning entertainment.
The current building, which dates to 1962, is one of the most iconic buildings in Hollywood.
The Westfield building will have an original and iconic feel, with a contemporary design, said Westfield president and CEO Tim Brown.
The new building will be the first of its kind in the world.
“The new Westfield Theatre will create a new dynamic that will truly showcase Westfield Entertainment’s vision of what we are and what we can be as a company,” Brown said.
The purchase of the new building is a big step forward for the company, which has been struggling with its finances.
In March, the company announced it would close a $9.7 million deal to buy the Los Feliz Theatre in San Francisco for $9 million.
The company’s first major acquisition of a building has been the $2.9 million acquisition of the historic Hollywood Bowl in San Diego, California.
Westfields CEO, and co-founder, Kevin Smith, had been eyeing the Westfield site in Los Felis for several years, and finally found the right fit after his company had previously expressed interest in the building.
Westwood’s purchase of a $750 million theater complex in New York City was one of his biggest business opportunities, but that deal fell through.
The theater complex is owned by the New York Public Library.
Westland is also planning to build a $10 million theater in Seattle, which would be located at the corner of Interstate 5 and University Way.
“We are extremely excited to partner with the Westfields community to create a unique new destination for all of us to enjoy the world-class entertainment that Westfield brings to our people,” said Peter M. Miller, president and chief executive officer of Westfield.