LOS ANGELES, Dec. 12, 2018 /PRNewswire/ -- Hackman Capital Partners, a privately-held real estate investment and operating company, announced today that it has signed a definitive agreement to purchase, through an affiliated entity, the iconic CBS Television City® property and sound-stage operations in Los Angeles, California. The acquisition includes the ongoing studio business, equipment and the rights to use the Television City trademark in connection with its operations on the property.
Television City is a fully operational studio and broadcast facility comprised of approximately 780,000 square feet of stage, office, broadcasting and support space on a contiguous 25-acre campus. The investment represents a generational opportunity to acquire and operate a renowned studio on one of the largest prime infill properties in Los Angeles.
Hackman Capital Partners will assume operational control of the studio property, including the direct oversight of Television City's existing studio administrative and operational staff. CBS programs, including The Late Late Show with James Corden, The Price Is Right, The Young and The Restless and The Bold And The Beautiful, will continue to be produced on the Television City campus, as well as CBS Studios International's U.S. headquarters and other company departments currently housed on the site.
"The acquisition of the legendary Television City will add another crown jewel to our portfolio," said Michael Hackman, founder and CEO of Hackman Capital Partners. "We have had great success modernizing and transforming real estate into state-of-the art facilities for notable media, entertainment, technology and content creation companies. With a tremendous operations team already in place, we envision an exciting future for this storied production studio."
"The sale of Television City unlocks significant value, increasing CBS's financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment," said Joseph Ianniello, President and Acting CEO, CBS Corporation. "At the same time, we will be transitioning this venerable site to a new owner who is committed to its legacy as both a cultural landmark and modern production facility. Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios."
Hackman Capital Partners acquired The Culver Studios, through an affiliate, in 2014 and is currently implementing Phase 2 of its Innovation Plan, a state-of-the-art transformation that will modernize the 100-year old studio as a next-generation campus for Amazon Studios and its related content affiliates.
"Television City was built in 1952 and literally put television production on the map in Los Angeles,"
Michael Hackman said. "We are looking forward to building upon this venerable legacy to continue Los Angeles' leadership in entertainment and technology."
MORE ABOUT HACKMAN CAPITAL PARTNERS
Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. Founded in 1986, the company has invested more than $3.0 billion in properties across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet. More than 6.2 million square feet of those properties have been located in California.
The company's most notable Southern California projects include The Culver Studios, a 14.3-acre film and television studio campus and home of Amazon Studios, The Culver Steps, a 1.16-acre, mixed-use development, directly adjacent to The Culver Studios and also home to Amazon Studios, a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles, a 550,000-square-foot creative campus conversion in El Segundo, the Beats/Apple Southern California headquarters, and Westwood One Studios. Hackman Capital Partners is currently constructing approximately 1 million square feet of creative office and media-related campus space in Southern California.
Hackman Capital Partners is headquartered in Los Angeles, California and has an additional office in Columbus, Ohio.
SOURCE Hackman Capital Partners, LLC