Developer Charles Cohen cuts deal to buy Landmark Theatres

The indie chain is estimated to be worth $175 million

TRD LOS ANGELES /
Dec.December 08, 2018 04:00 PM
Charles Cohen, a Landmark Theatre (Credit: Getty Images, BruinBlogger)

Billionaire real estate developer and film aficionado Charles Cohen has just closed a deal to purchase Landmark Theatres, a chain of art-house cinemas.

Investors Mark Cuban and Todd Wagner sold the 52-theater portfolio for an undisclosed price, the Los Angeles Times reported. They had been trying to sell the Landmark on and off for several years.

Landmark Theatres–an indie chain that specializes in foreign and independent films–can be found in 27 cities, including L.A., New York, Denver and San Francisco. There are three locations in L.A., with its flagship found inside the Westside Pavilion.

Amazon was believed to be a top contender for the chain over the summer. An estimate from Deadline Hollywood pegs the value of the theaters, which typically include lounges, at about $175 million.

Through his media company, Cohen Media Group, Cohen distributes art-house films including the award-winning “The Salesman” and “Timbuktu.” Earlier this year, two of his other films were nominated for Academy Awards. He’s also taken to buying up and restoring theaters in New York, such as the quaint Quad Cinema in the Greenwich Village.

Cohen serves as chairman and CEO of Cohen Brothers Realty Corp., which owns and manages more than 12 million square feet of space across the country. In L.A., the firm holds the Pacific Design Center in West Hollywood in its portfolio.

He has a net worth of $3.4 billion, according to Forbes. [LAT] – Natalie Hoberman


Related Articles

arrow_forward_ios
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

arrow_forward_ios
Loading...