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The Real Deal Los Angeles

Hackman Capital in contract to purchase historic CBS campus

The 25-acre property is valued at more than $700M
October 16, 2018 01:00PM

Hackman Capital Partners CEO Michael Hackman and the Television City campus

Developer Hackman Capital Partners has won out in its bid to acquire the historic CBS Television City studio complex, closing the loop on a year-long search for the property’s new owner.

Though the deal is not final, brokers familiar with the deal peg the transaction at more than $700 million, the Los Angeles Times reported. Hackman was one of several developers bidding on the studio property.

The broadcasting giant CBS will continue to operate the studio as a tenant until the deal closes. Most of its shows, however, are produced on its other campus in Studio City.

Located on the corner of Beverly Boulevard and Fairfax Avenue, the 25-acre campus was once home to a number of iconic television shows including “The Ed Sullivan Show” and “All in the Family.” There’s also a 515,000-square-foot office building on the property.

Its rich history led the City Council in June to designate the property a Historic-Cultural Monument, barring a complete redevelopment of the massive site.

Hackman could still develop acres of surface parking lots around the landmarked studio buildings, pending city approval.

Once the deal closes, the purchase would further establish Hackman’s presence as one of the biggest developers in town. The firm is a heavy player on the Westside, developing major projects in El Segundo and Culver City.

In El Segundo, Hackman is redeveloping a 23-acre site, spanning 540,200 square feet, formerly owned by defense giant Northrop Grumman. In Culver City, the company is developing the 115,000-square-foot Culver Steps in Culver City, which has already been leased to Amazon. Hackman also owns the Culver Studios nearby, also leased by Amazon. [LAT] — Natalie Hoberman