{"id":1004559446,"date":"2021-11-30T14:41:10","date_gmt":"2021-11-30T22:41:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004559446"},"modified":"2022-12-07T17:13:42","modified_gmt":"2022-12-08T01:13:42","slug":"action-hackman-square-mile-strike-1-85b-deal-for-cbs-studio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/action-hackman-square-mile-strike-1-85b-deal-for-cbs-studio\/","title":{"rendered":"Action! Hackman, Square Mile Strike $1.85B Deal for CBS Studio"},"content":{"rendered":"\n<p>ViacomCBS Inc. confirmed reports on Tuesday that it will sell CBS Studio Center in Los Angeles and its associated operating business to Hackman Capital Partners LLC and Square Mile Capital for $1.85 billion.<\/p>\n\n\n\n<p>Two weeks ago, <a href=\"https:\/\/www.wsj.com\/articles\/cbs-studio-selling-for-1-8-billion-as-demand-soars-for-show-business-real-estate-11637067601\">the Wall Street Journal<\/a> reported that the property, which sits on a 55-acre site in Studio City and comprises more than 1 million square feet of studios, offices and third-party tenant space, would sell for $1.8 billion. The higher-than-expected price is indicative of the intense demand for studio space.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004559496\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/action-hackman-square-mile-strike-1-85b-deal-for-cbs-studio\/photo-by-david-von-diemar-via-unsplash\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg\" data-orig-size=\"1920,1280\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Photo-by-David-von-Diemar-via-unsplash\" data-image-description=\"&lt;p&gt;Spotlights with colors&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by David von Diemar via Unsplash&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?w=696\" alt=\"\" class=\"wp-image-1004559496\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Photo-by-David-von-Diemar-via-unsplash.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Photo by David von Diemar via Unsplash<\/figcaption><\/figure><\/div>\n\n\n\n<p>The transaction is part of CBS&#8217; portfolio optimization, which also included the $760 million sale of the CBS Building in Manhattan to Harbor Group International. CBS Broadcasting will enter into a long-term lease-back of the Broadcast Center. <\/p>\n\n\n\n<p>Viacom CBS will continue to occupy stages at the facility. As the company relocates employees, it will enter into a short-term sale-leaseback of other parts of the property. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Los Angeles-based Hackman Capital Partners LLC has been buying studio space since 2014 and building it through its MBS Group affiliate. According to the company&#8217;s website, Hackman, in partnership with Square Mile Capital, owns $7.5 billion of studio assets, including Television City, <a href=\"https:\/\/www.commercialsearch.com\/news\/hackman-capital-to-pay-750m-for-cbss-la-studio-hq\/\" rel=\"nofollow\">which it purchased from CBS<\/a> in 2019. <\/p>\n\n\n\n<p>Elsewhere in Los Angeles, Hackman and Square Mile Capital own MBS Media Campus and Sony Pictures Animation Studios. Other properties in the partners&#8217; U.S. portfolio include Kaufman Astoria Studios and Silvercup Studios in Queens, N.Y.,  and Second Line Stages in New Orleans. The partners also own and operate studios in England and Ireland. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>JLL\u2019s Carl Muhlstein and Kevin MacKenzie acted as exclusive brokers on the sale on behalf of ViacomCBS.&nbsp;The transaction&#8217;s closing, which includes regulatory approval, is expected to occur by year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners will add to a portfolio of major production facilities on both coasts.<\/p>\n","protected":false},"author":756,"featured_media":1004559496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1594,21742,21747,15],"tags":[33897,33318],"class_list":["post-1004559446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-hackman-capital-partners","tag-square-mile-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Action! Hackman, Square Mile Strike $1.85B Deal for CBS Studio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/action-hackman-square-mile-strike-1-85b-deal-for-cbs-studio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Action! 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She got her start writing about the New York City market with Real Estate Weekly and later joined CPE\u2019s predecessor publication, Commercial Property News, where she held various positions including editor in chief. In addition to working on the CPE and MHN websites, she edits CPE's Capital Markets Newsletter and MHN's Finance &amp; Investment Newsletter. Tune into her Sustainability Street podcast on CPE.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/therese-fitzgerald\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Action! 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