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