Hasbro, the company known for brands including Monopoly, Transformers and Dungeons & Dragons, is moving closer to Hollywood, where it works with players like Netflix, Lionsgate and Paramount Pictures to turn its board games and toys into films and shows.
The media-and-entertainment division of Boston-based Hasbro has signed a long-term lease for 31,435 square feet at an office building that's part of the high-profile Lot at Formosa entertainment complex in West Hollywood. Hasbro is relocating its LA-based teams across film, television, digital content, gaming, toys, licensing and the firm's growing artificial intelligence studio from a larger, 80,000-square-foot hub in Burbank that it has been working to sublease since 2022.
Hasbro will occupy the third floor and part of the fourth floor starting in the first quarter of 2027 at the Formosa West office building.
“This move marks a new chapter for Hasbro, bringing our teams into the heart of West Hollywood and closer to the partners we collaborate with every day,” Kim Boyd, president of global licensing and entertainment at Hasbro, said in a statement.
In one example of Hasbro's next chapter, the firm is aggressively expanding its Magic: The Gathering card franchise beyond tabletop gaming, teaming with Legendary Entertainment to develop a live-action film and television universe around the fantasy card game that Hasbro says is its first $1 billion brand.
Hasbro’s Hollywood commitment fills the last available space at the 112,000-square-foot Formosa West building, bringing it to full occupancy with a mix of entertainment and media tenants. Hasbro joins Miramax, Live Nation, People Inc. and Kevin Hart’s Hartbeat at The Lot, an 11-acre CIM Group-owned campus with seven soundstages.
The lease lands as entertainment firms have been shrinking footprints and shedding jobs, making a full-building lease-up at a studio campus a notable signal of confidence in Los Angeles’ creative core, according to CBRE Senior Vice President Nicole Mihalka, who helped represent landlord CIM Group in the deal.
The deal "signals Hollywood’s continued momentum as a global hub for entertainment and brand visibility, reinforcing its relevance across media, gaming, consumer products and apparel," Mihalka told CoStar News.
Hasbro entertainment
Hasbro is not expected to use any of the soundstage or filming space at the Lot, instead just utilizing office to conceptualize the company's film and television concepts.
The company got its start as a textile firm in 1923 but became a well-known toymaker with the introduction of Mr. Potato Head — the first toy ever advertised on television — in 1952. It later acquired rivals Milton Bradley, Parker Brothers and other game makers. It began building its Los Angeles entertainment footprint when it launched Hasbro Studios in Burbank in 2009 to turn toy brands into television and film franchises.
That strategy exploded into the mainstream with the “Transformers” films at Paramount Pictures, which turned a decades-old toy line into a multibillion-dollar movie franchise, helping convince Wall Street that Hasbro’s intellectual property could live beyond the toy shelf.
Hasbro pushed even deeper into content creation in 2019 when it acquired Entertainment One, gaining production infrastructure and franchises including “Peppa Pig” as streaming companies raced to secure recognizable intellectual property. The company soon expanded into fantasy and gaming adaptations as well, including the 2023 theatrical release of “Dungeons & Dragons: Honor Among Thieves.”
The pandemic and streaming slowdown changed the economics of both Hollywood and office real estate, and in late 2022 Hasbro put its Burbank office space up for sublease as remote work spread and the company launched a broader cost-cutting plan targeting up to $300 million in savings.
Even as it marketed that office space, Hasbro kept expanding its Hollywood ambitions, launching Hasbro Entertainment in Burbank in 2023 to oversee film, television and streaming projects tied to it brands.
Looking ahead, Hasbro is creating a live-action universe including shows and games centered on Magic: The Gathering, and a Monopoly feature film with Lionsgate and LuckyChap Entertainment, the production firm behind the "Barbie" box office hit.
Studio campus revival
The Lot at Formosa illustrates the type of studio campus that is attracting demand from media tenants during a period of consolidation.
Hasbro's lease, although a downsizing, "underscores the power of a studio campus — where history, infrastructure, onsite amenities, and location come together to deliver a uniquely compelling destination,” Mihalka said.
The campus is at the heart of Hollywood’s long‑established creative hub near major players including Netflix and Paramount Pictures and dozens of talent agencies, production firms, postproduction houses and entertainment law offices, Mihalka said. The broader 11-acre campus sits at 1041 N. Formosa Ave. within the industry’s “30-Mile Zone,” long considered the geographic center of film and television production in Southern California.
The property traces its roots to 1918, when it was founded by silent film stars Mary Pickford and Douglas Fairbanks, and has since evolved into a modern campus with soundstages and creative office.
Over the past two decades, owner CIM Group has repositioned the property through a phased redevelopment, adding new office buildings alongside seven soundstages and preserving roughly 100,000 square feet of historic production offices.
That mix of old Hollywood and new creative workspace has faced its own headwinds, with tenants such as Miramax downsizing into a smaller footprint and high-profile departures including Oprah Winfrey’s OWN network underscoring how even marquee names have pulled back as production slowed.
The lease lands at a time when Los Angeles–based Hudson Pacific Properties has been recalibrating its studio strategy by scaling back parts of its production services platform as demand cools and Hackman Capital Partners has faced pressure on select assets such as Saticoy Studios, Television City and Radford Studio Center amid tighter financing and softer leasing.
Layer in consolidation moves such as the proposed tie-up between Paramount Global and Warner Bros. Discovery, and landlords are increasingly wary of fewer tenants, larger combined footprints and added pressure on leasing demand across Los Angeles’ studio and office landscape.
Hasbro’s arrival underscores a selective return to core production hubs like Hollywood and New York, where deep talent pools and established infrastructure continue to outweigh the cost advantages of rival markets.
For the record
In addition to CBRE's Mihalka, Hayley Blockley of JLL and Blake Eckert of CIM Group represented the landlord in the deal.