Hackman Capital Partners is buying yet another multimedia studio campus in Los Angeles.
"Michael Hackman’s eponymous investment firm is buying Sony Pictures Entertainment’s animation campus in Culver City for around $160 million."
"The three-building campus at 9050 Washington Boulevard has a total of 182,000 square feet of office space, according to the Los Angeles Times. It’s next door to Sony’s larger studio lot."
"Hackman already owns eight studio lots, home to 70 soundstages with another 35 in development, according to Bloomberg."
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Michael Hackman is the CEO and founder of Hackman Capital Partners, a commercial development firm.
After growing up in Columbus, Ohio, Hackman moved to Los Angeles right out of Ohio State University to work at Majestic Realty.
Hackman Capital has been especially active in Culver City, where it has worked with Apple and Amazon Studios. After acquiring historic Culver Studios, which Amazon fully leased in 2017, Hackman struck the largest dollar-value deal of his career in December with the purchase of the 25-acre CBS Television City campus for $750 million. In this interview..."
Q: "Why didn’t Hackman get more into the Downtown development game? "
A: "We definitely missed the market, but it was purposeful. A lot of the real estate people in Los Angeles that have been here for a while have seen the boom-bust of Downtown Los Angeles, where when things softened up, they really took a hard fall. The reason we missed it was probably that prejudice. We like areas that are fairly restrictive, as that creates high barriers to entry. It makes projects that exist there very valuable."