Business & Investment

action!Hackman, Square Mile Strike CBS Studios Deal $ 1.85 billion

Partners will add to the portfolio of major production facilities on both coasts.

ViacomCBS Inc. confirmed on Tuesday that it would sell its Los Angeles CBS Studio Center and related businesses to Hackman Capital Partners LLC and Square Mile Capital for $ 1.85 billion.

2 weeks ago The Wall Street Journal Located on 55 acres of Studio City and consisting of more than 1 million square feet of studio, office and third-party tenant space, the property is reported to be sold for $ 1.8 billion. Higher than expected prices indicate a strong demand for studio space.

Photo by David von Diemar via Unsplash

The transaction is part of CBS’s portfolio optimization and includes the sale of the CBS building in Manhattan to Harbor Group International for $ 760 million. CBS Broadcasting is launching a long-term leaseback for Broadcast Center.

Viacom CBS will continue to occupy the stage of the facility. The company will begin short-term sale and leaseback of other parts of the property as employees are transferred.

Los Angeles-based Hackman Capital Partners LLC has purchased studio space since 2014 and is building it through an affiliate of the MBS Group. According to the company’s website, Hackman owns $ 7.5 billion in studio assets, including Television City. Purchased from CBS In 2019.

Elsewhere in Los Angeles, Hackman owns the MBS Media Campus and Sony Pictures Animation Studios. Other studio properties in the company’s US portfolio include Kaufman Astoria Studios, a complex in Queens, NY. Recently acquired Partnership with square miles. Silvercup Studios, another property in Queens. Second line stage in New Orleans. Hackman also operates studios in the United Kingdom and Ireland.

Transactions, including regulatory approvals, are expected to be completed by the end of the year.

action!Hackman, Square Mile Strike CBS Studios Deal $ 1.85 billion action!Hackman, Square Mile Strike CBS Studios Deal $ 1.85 billion

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