Hackman, Square Mile venture nabs Kaufman Astoria Studios
Acquisition of Queens complex, valued at $600M, follows JV’s $500M deal for Silvercup Studios last year
Eight months after submitting an offer for the property, a pair of big-name landlords have emerged victorious in their bid for Kaufman Astoria Studios.
Hackman Capital Partners and Square Mile Capital Management acquired the century-old landmarked property at 34-12 36th Street, Bloomberg reported.
Terms of the deal were not disclosed, but The Real Deal reported in March that the 500,000-foot building, which includes 11 sound stages, was valued at $600 million.
The acquisition signals the firms’ bet on strong demand for studio space driven by streaming giants like Netflix and Disney+, Bloomberg wrote. Silverstein Properties, which is planning a $2 billion mixed-use development nearby, was among the rival bidders for the Astoria property.
It’s not the first studio investment for California-based Hackman and New York-based Square Mile. Last year, the venture dropped a reported $500 million on Silvercup Studios in Long Island City, where HBO’s “Succession” and FX’s “Pose” were being filmed at the time.
As of October 2020, the firms’ portfolio spanned nearly $3.8 billion in studio and media assets, The Real Deal reported, including 60 sound stages and 3.6 million square feet of space.
[Bloomberg] — Suzannah Cavanaugh