Hackman Capital Plans $1.3B Redevelopment at Historic Television City Studios
The project would generate more than 1.13 million square feet of studio and office space in Los Angeles
Hackman Capital Partners (HCP) has announced major plans for a $1.25 billion redevelopment of one of the most iconic production facilities in the nation.
The proposed Television City 2050 Specific Plan (TVC 2050) would generate more than 1.13 million square feet of studio, office, and support space at the massive Television City property at 7800-7860 West Beverly Boulevard in Los Angeles. The historic Fairfax District landmark near the Original Farmers Market and The Grove shopping center has hosted generational programs from “The Price is Right” to “The Young and the Restless” and “The Late Late Show.”
HCP has filed plans for TVC 2050 with the city, and the approval process typically takes about a year and a half. If approved, the modernization project will expand the property to feature at least 15 soundstages.
HCP acquired the cultural landmark, located at the corner of West Beverly Boulevard and Fairfax Avenue, for about $750 million in 2019. The 25-acre property currently houses about 750,000 square feet of stage, office, broadcasting and support space.
“L.A. lacks the modern sound stages and production facilities to meet market demand, putting our region at risk of seeing the entertainment industry leave the state if we fail to invest in its future,” Michael Hackman, founder of HCP, said in a statement.
Thanks to the fervent “streaming wars” and increasing consumer demand for content, demand for production space is outpacing supply in Southern California. HCP announced TVC 2050 to meet what it described as “constantly evolving physical and technological demands” of the entertainment industry.
Bill Allen, CEO of the L.A. County Economic Development Corporation, said L.A. needs more state-of-the-art soundstages and production space to remain globally competitive.
“Now is the time for a fully realized Television City, as the entertainment industry and the city continue to recover from the COVID-19 pandemic,” Allen said.
Earlier this year, Hackman told Commercial Observer that he expects to double the company’s current base over the next couple years. HCP and its frequent partner, Square Mile Capital Management, are currently bidding to acquire Kaufman Astoria Studios in New York. In January, HCP entered a new venture to take management control of the fully leased Raleigh Studios in the heart of Hollywood, and about a week later, the firm announced that it acquired Sony Pictures Animation Campus in its hometown of Culver City.
Last year, HCP expanded to the East Coast when it led the acquisition of Silvercup Studios in New York. Shortly after, Hackman acquired Second Line Stages in New Orleans, and then secured entitlements to build Eastbrook Studios, which will be the largest TV and film production facility in London when complete.