Big-name landlords bid for Kaufman Astoria Studios

Hudson Pacific Properties, Hackman/Square Mile among those eyeing $600M campus

New York /
Mar.March 24, 2021 01:20 PM
Kaufman Astoria Studios’ CEO Hal Rosenbluth (Getty, Kaufman Astoria)

Kaufman Astoria Studios’ CEO Hal Rosenbluth (Getty, Kaufman Astoria)

Some of the biggest production studio landlords are making a play for Kaufman Astoria Studios.

Los Angeles-based Hudson Pacific Properties and a joint venture of Hackman Capital Partners and Square Mile Capital are among the investors that have submitted bids for the production studio’s Queens campus, sources told The Real Deal.

The company is weighing bids that value the property at about $600 million, Real Estate Alert reported Tuesday.

Silverstein Properties, which is planning a $2 billion megaproject with Kaufman a few blocks from the studio, also submitted a bid.

The group of potential buyers is now waiting to make a second round of offers.

Kaufman Astoria Studios’ CEO Hal Rosenbluth did not respond to a request for comment. The studio hired the investment bank Jefferies to handle the sale.

The sprawling campus at 34-12 36th Street has 11 production stages totaling roughly 150,000 square feet, in addition to 325,000 square feet of offices.

TV shows and films like “Orange Is the New Black” and “The Irishman” have filmed at Kaufman Astoria Studios, and Apple TV+ recently leased 90,000 square feet of office and soundstage space at the campus.

The pandemic has driven up demand for soundstage real estate, one of the few bright spots for the commercial real estate industry over the past year. The joint venture of Hackman and Square Mile last year purchased Silvercup Studios, located in nearby Long Island City, for $500 million.

And last summer, Hudson Pacific Properties sold a 49 percent stake in its 2.2 million-square-foot studio portfolio to Blackstone in a $1.65 billion deal.





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