Culver City-based Hackman Capital Partners and New York-based Square Mile Capital Management have entered into an agreement to buy CBS Studio Center for $1.85 billion from ViacomCBS Inc.
CBS Studio Center spans 55 acres and more than 1 million square feet of space, which includes 22 stages, production office and support buildings, tenant offices, a broadcast center and backlot locations.
“We’re honored to have been selected as the new stewards of CBS Studio Center, one of the most celebrated and successful studios in Los Angeles,” Michael Hackman, founder and chief executive of Hackman Capital Partners, said in a statement. “The studio has been a hit maker from the days of ‘Gunsmoke,’ ‘Mary Tyler Moore’ and ‘Seinfeld,’ and we’re thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot.”
Naveen Chopra, ViacomCBS executive vice president and chief financial officer, said in a statement that the deal, which is expected to close later this year, was “part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and will allow the company to redeploy capital to strategic growth priorities, including streaming.”
When the deal closes, CBS will enter a long-term leaseback of the broadcast center portion of the property, which is home to KCBS (Channel 2) and KCAL (Channel 9).
ViacomCBS will also occupy some stages and lease some of the property as its staff is transitioned to other locations.
“CBS Studio Center is an iconic property that has been home to many of television’s legendary programs over the years,” Square Mile Capital Chief Executive Craig Solomon said in a statement. “With ViacomCBS maintaining an important presence at the property, we anticipate a smooth ownership transition and many more great years ahead.”
Jones Lang LaSalle Inc.’s Carl Muhlstein and Kevin MacKenzie represented ViacomCBS in the transaction. Hackman Capital Partners was self-represented.
It isn’t the only CBS property Hackman Capital Partners has acquired. In 2019, it purchased the 25-acre Television City on Fairfax for $750 million. This year, it announced plans for a $1.25 billion investment in the property.
Plans call for developing up to 1.13 million square feet of new space, including up to 15 soundstages, production offices and support facilities.
The property’s existing facilities will be preserved.
Earlier this year, Hackman Capital Partners and Square Mile Capital Management acquired Sony Pictures Animation Campus at 9050 Washington Blvd. in Culver City for $160 million. The property has three buildings and a screening room.
It is near two other properties the companies own in Culver City — Culver Studios and the Culver Steps. It developed Culver Steps and added half a million square feet of office space to Culver Studios.
