Hackman to Hand Back Studio City Property to Goldman

Goldman Sachs Group is saying “action” to the acquisition of a historic Los Angeles studio lot.

The New York-based firm is leading a takeover of the Radford Studio Center at 4024 Radford Avenue in Studio City after owner Hackman Capital Partners defaulted on a $1.1 billion mortgage, Bloomberg reported. Details around the deal, including price, were not disclosed. The property was last appraised in 2021 at $1.8 billion and includes 1.2 million square feet of studio space, Urbanize Los Angeles reported.

The method of acquisition on Goldman’s end is still being determined by both sides. Parties are reportedly discussing handing over the deed to Radford Studio Center, part of a process to voluntarily surrender the property to lenders to have the debt forgiven and to avoid long legal foreclosure proceedings, according to Bloomberg, citing a source close to the matter.

Radford Studio Center’s revenue covered approximately 21 percent of the cost of servicing its debt as of June 30. Hackman hadn’t made payments on the loan since it matured in June while it negotiated with Goldman, the originator of the commercial mortgage-backed securities loan. Radford Studio Center was 63 percent occupied as of June 30; leases on 36 percent of its space are scheduled to expire by this August.

Hackman’s return of the property comes after months of negotiations to modify its loan there.

“We are continuing to work with the Radford lenders on a path forward for this asset,” Hackman Capital told Bloomberg on Wednesday. “This is a challenging time for all suppliers and independent studio owners and operators in the U.S.”

The studio market in Los Angeles has been bruised by years of pandemic shutdowns, the 2023 writer and actor union strikes and the consolidation of studios. The number of shooting days fell in each of the first three quarters of 2025 compared to their respective quarters in 2024, per Film L.A. data cited by Bloomberg. Since California doubled film and tax credits last year, the industry has seen signs of a possible production comeback, including a “Jumanji” sequel and “Baywatch” series reboot taking advantage of the incentives. In the past, Radford Studio Center hosted productions such as “Gilligan’s Island” and “Seinfeld.”

Hackman remains the world’s largest independent owner of studio properties. Its holdings include 19 facilities with 145 active sound stages and 60 stages in development.

— Chris Malone Méndez