Hackman, Square Mile venture nabs Kaufman Astoria Studios

Acquisition of Queens complex, valued at $600M, follows JV’s $500M deal for Silvercup Studios last year

New York /
Nov.November 12, 2021 03:30 PM
Hackman Capital Partners's Michael Hackman, Square Mile Capital's Craig Solomon and Kaufman Astoria Studios (Hackman via  Jim Newton, Square Mile Capital, ONstate Kaufman)

Hackman Capital Partners’s Michael Hackman, Square Mile Capital’s Craig Solomon and Kaufman Astoria Studios (Hackman via  Jim Newton, Square Mile Capital, ONstate Kaufman)

Eight months after submitting an offer for the property, a pair of big-name landlords have emerged victorious in their bid for Kaufman Astoria Studios.

Hackman Capital Partners and Square Mile Capital Management acquired the century-old landmarked property at 34-12 36th Street, Bloomberg reported.

Terms of the deal were not disclosed, but The Real Deal reported in March that the 500,000-foot building, which includes 11 sound stages, was valued at $600 million.

The acquisition signals the firms’ bet on strong demand for studio space driven by streaming giants like Netflix and Disney+, Bloomberg wrote. Silverstein Properties, which is planning a $2 billion mixed-use development nearby, was among the rival bidders for the Astoria property.

It’s not the first studio investment for California-based Hackman and New York-based Square Mile. Last year, the venture dropped a reported $500 million on Silvercup Studios in Long Island City, where HBO’s “Succession” and FX’s “Pose” were being filmed at the time.

As of October 2020, the firms’ portfolio spanned nearly $3.8 billion in studio and media assets, The Real Deal reported, including 60 sound stages and 3.6 million square feet of space.

[Bloomberg] — Suzannah Cavanaugh





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