Hackman Capital Partners is planning a $1 billion redevelopment of a production lot in Studio City formerly owned by ViacomCBS.
The firm has put forward a proposal to build up to 25 soundstages across 2.2 million square feet at 4024 Radford Avenue, plus more than 1.4 million square feet of office space, according to the Los Angeles Times.
Hackman bought the studio, which currently has 18 soundstages and 210,000 square feet of office space, from ViacomCBS for $1.85 billion in 2021. CBS had owned the property since the 1960s, using it to produce a number of shows, including “The Talk” and “Entertainment Tonight.”
CBS will continue to operate part of the studio for two of its television stations, KCBS-TV and KCAL-TV, under a long-term leaseback deal with Hackman.
At the site, now called Radford Studio Center, Hackman plans to build 300,000 square feet of storage, wardrobes and other support space, 725,000 square feet of offices for production and another 700,000 square feet of office available for rent.
Hackman owns 18 studios across the U.S., U.K. and Ireland and has taken advantage of soaring demand for streaming content, spending billions to buy up and develop studios over the last five years.
In Los Angeles, Hackman has bought Sony’s animation studio in Burbank for $160 million, a stake in Netflix-leased Raleigh Studios for $140 million and is planning a $1.25 billion redevelopment of Television City on Beverly Boulevard in L.A. Fairfax neighborhood.