Hackman Capital closes $750M purchase of CBS’ Television City campus

The network will continue to operate and broadcast from the sprawling campus, but Hackman could redevelop a portion

Los Angeles /
Dec.December 11, 2018 09:00 AM
Hackman Capital Partners CEO Michael Hackman and Television City (Credit: Hackman Capital Partners and Flickr)

Hackman Capital Partners has closed on its purchase of the CBS Corporations’ sprawling Television City studio complex in the Fairfax District.

Hackman Capital paid $750 million for the 25-acre campus at the corner of Beverly Boulevard and Fairfax Avenue, according to the Los Angeles Times.

Westside-based Hackman plans for the property aren’t clear, but CBS will retain some of its office space there and continue to produce shows there, including “The Late Late Show with James Corden” and “The Price is Right.” There is a total of around 1 million square feet of studio and office space.

The Los Angeles City Council designated the property a Historic-Cultural Monument over the summer, which could complicate Hackman’s development plans. The designation means the city has to sign off on any development work there. Hackman would have an easier time overhauling the large surface parking lots there than the studio and office space, which was designed by architect William Pereira.

It’s not Hackman’s first rodeo in the studio business. The firm acquired Culver Studios in Culver City for $85 million in 2014 and has successfully rehabilitated it, and is expanding the property. The firm scored Amazon Studios as a tenant in late 2017. Amazon is also leasing Hackman’s Culver Steps office development in Culver City.

Television City was developed in the 1952 when CBS decided to move its entertainment operations to L.A. from New York. It spent $7 million — around $66 million today — to build the state-of-the-art studio campus. [LAT] — Dennis Lynch 


Related Articles

arrow_forward_ios
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...