The $200-million sale of one of Hollywood's most famous film lots, the former Columbia Pictures headquarters, has closed and is now in the hands of a new Los Angeles investment company, the Los Angeles Times reports.
The 15-acre lot has one of the richest histories in the entertainment industry, dating to a tiny studio that tycoon Harry Cohn bought in 1920 on Sunset Boulevard between Gower Street and Beachwood Drive.
Investment firm Hudson Capital bought Sunset-Gower Studios from GI Partners, a Menlo Park-based private equity firm, as first reported in June.
Hudson Capital will invest in further improvements to the site, managing partner Victor Coleman said, though he declined to say how much they would cost. "We are going to upgrade amenities such as the commissary, production facilities and offices," he said.
Hudson will also finish developing a six-story office building on the studio lot that will be fully occupied by tenant Technicolor Inc. by the end of May 2008, Coleman said. His company's strategy is to make Sunset-Gower one of the region's few studios that offers preproduction, production and postproduction services for movie and television show makers.
"Other studios don't offer the full cycle," Coleman said.
Sunset-Gower Studios is the first major acquisition by Hudson, which was formed a year ago after Coleman stepped down from the presidency of Arden Realty Inc., a Los Angeles office landlord. Arden was sold to General Electric Co. for $3.2 billion.
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