Michael Hackman.
Michael Hackman
Founder and CEO at Hackman Capital Partners
Hackman Capital Partners (HCP) brings the power of content creation, and it seems like the firm has started to build a near-monopoly on studio and soundstages in the world’s entertainment capital.
Soundstages have been riding the highs brought by the “streaming wars” between premier tenants like Netflix, HBO, Hulu, Disney+, and Amazon Studios. The competition only intensified during the pandemic, leading to major opportunities for landlords that manage the space needed to pump out original content; and HCP and its exclusive partner, Square Mile Capital Management, are among the handful of firms dominating the sector over the past 12 months.
Culver City, Calif.-based HCP has been on a well-documented run over the past year, expanding to New York, New Orleans and London — all during a global pandemic. HCP now manages 71 soundstages, with 35 more under development, including the historic Culver Studios, where it led a large expansion for Amazon Studios, as well as Television City and Manhattan Beach Studios.
And HCP Founder Michael Hackman told Commercial Observer this year that his firm plans to double its base. “We’ll continue buying and developing high-quality soundstages and production facilities,” he said.
Just since the close of 2020, HCP and Square Mile took management control of Hollywood’s fully leased Raleigh Studios, and then acquired Sony Animation Studios in Culver City a couple of weeks later. Then, the company filed plans for a $1.25 billion redevelopment of Television City, one of the most iconic production facilities in the nation. That includes generating more than 1.13 million square feet of studio, office and support space.
Hackman is also running more than studio space. The firm manages an office portfolio that is uniquely bolstered as it caters to similar creative tenants. Earlier this year, HCP locked in Beyond Meat to its massive, creative campus redevelopment in El Segundo, just south of Los Angeles International Airport. It was the largest lease signed in L.A. County in the first quarter of 2021, and came just before L’Oréal USA signed for another 100,000 square feet at the same property.—G.C.
