By Jason Islas
Staff Writer

August 15, 2012 -- Santa Monica’s Colorado Center -- formerly the Yahoo Center -- will get a new multi-million dollar tenant as early as late August when Hulu moves into a nearly 100,000-square-foot office space.

The popular Internet company, which offers subscribers ad-supported streaming of TV shows, movies and other media, signed a lease in late July to occupy the space vacated last year by the international architecture firm Gensler after it moved to Downtown Los Angeles.

“We’re delighted by it because (Hulu is) bringing lots of jobs into the City,” said Economic Development Administrator Jennifer Taylor.

Taylor, however, said it is still unclear whether the two-story, 95,113 square-foot office space in Santa Monica's Mid-City Neighborhood would be the company's corporate headquarters or a regional office.

Hulu officials did not return calls for comment by deadline.

Hulu -- which generated $420 million in revenue last year -- will employ several hundred people, Taylor said.

“A number of senior Hulu staff currently live in Santa Monica,” she added.

Although Taylor did not know the exact terms of the lease signed late last month, she said that the average rate for Class A -- newly built or renovated -- office space in Santa Monica is $4.39 per square foot.

But she added that rent rates vary depending on how much renovation the tenant would have to do.

The Santa Monica Alliance -- a cooperative effort between the Chamber of Commerce and the City of Santa Monica to draw business to the beach side City -- began courting Hulu over a month ago, when the company began looking for properties on the Westside.

Hulu -- which is partially-owned by NBCUniversal, a company acquired by Comcast in January -- has only just begun its move into the beachside city.

Hulu still hasn’t filed for a business license, City officials said.

When a business moves into Santa Monica, said Taylor, it would first register with the City for a business license.

If the space requires rehab, the tenant would need to pull a planning permit for external renovations or a building permit for internal renovations.

A group wearing Hulu name tags was seen at the City Planning Department a few weeks ago.

“Usually a company signs their lease before they file for a business license,” Taylor said.