Hackman Capital to Pay $750M for CBS’ Television City
- Dec 13, 2018
Hackman Capital Partners will soon enhance its Los Angeles portfolio with another studio property. The real estate investment and operating company recently entered into a sale-leaseback agreement with CBS Corp. to acquire the 25-acre CBS Television City headquarters and sound stage property in Los Angeles for $750 million.
Located at 7800 Beverly Blvd. on one of the largest desirable infill sites in Los Angeles, Television City has been a prominent fixture in the city since its opening in 1952. The 780,000-square-foot property encompasses office space, eight sound stages, broadcasting space and support space. Per terms of the agreement, Hackman will take on control of the studio, with responsibilities extending to the oversight of studio administrative and operational staff.
“The acquisition of the legendary Television City will add another crown jewel to our portfolio,” Michael Hackman, founder & CEO of Hackman Capital Partners, said in a prepared statement.
Hackman will purchase Television City through an affiliated entity. The transaction is on schedule to close by early 2019 and CBS will stay put at the property for at least five years. As for the future of the campus, a spokesperson for Hackman told Commercial Property Executive, “At this time, we do not have any plans other than continuing to operate the existing studio.”
The buyer relies on the legal representation of Gibson, Dunn & Crutcher LLP in the transaction. The law firm’s team includes partners Stuart Graiwer, Mark Pecheck, Kevin Masuda and Sean Feller. Stroock & Stroock & Lavan LLP advises CBS.
Hackman, which owns commercial and industrial properties across leading U.S. markets, is becoming increasingly well known for its successful guardianship of studio assets. The company turned heads in the world of entertainment industry real estate in 2014 with the acquisition of The Culver Studios, the celebrated 14-acre film and television studio campus located just outside Los Angeles in Culver City, Calif. Hackman has since modernized the 100-year-old property, which hosted the filming of movie classics such as Gone With the Wind and Citizen Kane, and recently landed Amazon Studios as a 280,000-square-foot tenant. Just this week, with Hackman’s groundbreaking on its Culver Studios Innovation Plan, which will double the size of the property, the company announced that the e-commerce giant has expanded its commitment to 530,000 square feet.
Westwood One Studios in Culver City is also part of Hackman’s portfolio. The company acquired the asset in 2009. At the time of the purchase, the 32,200-square-foot complex featured office accommodations, recording space and production studios.
Image courtesy of CBS Corp.