Hackman Capital Buys Iconic 358 KSF Film Studio in Culver City, Calif.
- Mar 10, 2014
A Los Angeles-area movie studio with a history nearly one-century long has come under new ownership. Hackman Capital Partners L.L.C. just acquired The Culver Studios, a 358,200-square-foot independent film studio in Culver City, Calif., approximately 10 miles west of downtown Los Angeles. And if you can believe a rumor in Hollywood, Hackman picked up the property from Lehman Brothers Holdings for $85 million.
Of course, the real estate market has gone through more than a few changes since the Culver Studios last changed hands. Studio City Los Angeles, a partnership consisting of Lehman Brothers, Pacific Coast Capital Partners and Pacifica Ventures acquired the asset from Sony Pictures Entertainment in 2004 for $125 million.
The filming site of such celebrated movies as “Gone with the Wind” and “Citizen Cane,” the Culver Studios has a rather illustrious ownership history. Developed in 1918 by silent movie producer Thomas Ince, the 14-acre property has also operated under the custody of legendary producer and director Cecil DeMille, as well as the likes of filmmakers David Selznick, Joseph Kennedy and Howard Hughes, and television producers Lucille Ball and Desi Arnaz. And the list goes on.
Today, Culver Studios features upscale workspace, screening rooms and 13 sound stages, all of which are currently fully leased–and Hackman intends to keep it that way.
“We will retain and celebrate the history of this site while modernizing the site for studio tenants,” Susan Skros, a vice president with Hackman, told Commercial Property Executive. “Culver City is a hub for leading-edge media, technology and entertainment companies. The city touts some of Los Angeles’ most innovative architecture, and Culver Studios is a historic icon in this community and in the City of Los Angeles.