Knickpoint casts for partner in $200M production studio project

Knickpoint Ventures is searching for a co-star in its big Northwest Side project.

The firm is looking for an investor for its $200 million movie production studio and office complex redevelopment at the former Marshall Field’s warehouse.

New York-based Knickpoint bought most of the 1.5 million-square-foot building at 4000 W. Diversey Avenue in 2018. It recently hired JLL to seek an equity partner in the production studio and office project, according to Crain’s, which first reported Knickpoint was seeking a partner.

The transformation of the building includes a separate apartment complex that Hubbard Street Group already developed.

Knickpoint’s project at the building — now known as The Fields — will include 285,000 square feet for the production studio and just under 350,000 square feet for the office space, the report noted.

The company hopes to seize on the increased demand for soundstages from the likes of Amazon and Netflix, Apple and among others. In Los Angeles and New York, firms like Hackman Capital Partners and Blackstone Group have invested big money in studio space.

Knickpoint acquired its portion of the former Marshall Field’s behemoth in 2018 and a short time later secured a $50 million mortgage.

Knickpoint reportedly paid about $25 million for its property, with the loan coming from TH Commercial Mortgage.

[Crain’s] — Alexi Friedman