Culver City isn’t saying goodbye to Sony Pictures Entertainment just yet; the studio will remain in its current residence at the Sony Pictures Plaza building until 2016.

Although Sony had the choice to opt out of its lease at 2012’s end, an agreement for extension was reached with the studio and building owner TCE-Filmland Holdings, LLC.

According to Sony’s Senior Vice President of Worldwide Facilities Administration David Mannix, the company is one of many Hollywood studios facing major challenges in the shift to the digital age.

“We’re undertaking an in-depth review of all our facilities and how they function so that we can be a truly 21st -Century studio,” said Mannix.

“Having the stability of a lease at Sony Pictures Plaza over the next six years is very helpful as we look at what we need to do for our business in the years beyond that,” he said.

Since its inception in 1991, Sony Pictures Plaza has become a legendary fixture in the Culver City community. Boasting a wide range of major motion pictures, the plaza continues to offer a museum, gift shop and cafeteria open to the public.

Mannix believes the lease extension will benefit the approximately 1,000 employees at the Culver City location and provide time to consider Sony’s needs in the upcoming years.

“Over the long term we need to be strategic in how we build up our business and meet the needs of our employees, customers and audiences here and around the world,” said Mannix.