Yahoo Finance Hackman Capital, Square Mile Acquire The Sony Pictures Animation Campus In Culver City
Hackman Capital Partners and Square Mile Capital Management have acquired the Sony Pictures Animation Campus in Culver City, the partners said Tuesday. It’s their second venture in two days as transactions involving studio spaces explode.
Hackman announced yesterday it will operate the historic Raleigh Studios in Hollywood and Raleigh’s Saticoy Studios in Van Nuys.
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Today’s deal is for the three-building, 182,176 square foot, art deco animation complex, an extension of Sony’s studio lot in downtown Culver City. It includes an underground garage, a screening room, cafeteria and central courtyard. It is across from the Culver Studios — the new home of Amazon Studios — and the Culver Steps, which are already owned by the same partnership.
Financial terms weren’t disclosed.
“We have invested in Culver City for more than 15 years and are proud stakeholders of the city, which has experienced a vibrant revitalization and has attracted many of the world’s most innovative and important companies,” said CEO Michael Hackman.
Craig Solomon, chief executive of New York-based real estate and investment management firm Square Mile Capital, said “investment fundamentals” for entertainment property has “never been stronger – high demand for broadcast and streaming content translates into high demand for quality studio facilities, support services and related office space.”
LA-based Hackman specializes in buying and renovating studios, vintage commercial, industrial and other properties and is one of the largest independent owner-operators of studio locations. Its eight studios comprise more than 70 soundstages and it has 35 soundstages in development. Hackman affiliate, the MBS group is a collection of companies that provide services to global content creators in film, TV and digital media including equipment, studio management, logistics and production planning.
The partnership’s other assets include Television Cities Studios, the former CBS broadcasting facility in West Hollywood; the MBS Media Campus in Manhattan Beach; Silvercup Studios in New York City; Second Line Stages in New Orleans. Its Eastbrook Studios London will be the one of the largest studios in the city when completed.
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