Michael Hackman.
Michael Hackman
Founder and CEO at Hackman Capital Partners
In short order, Michael Hackman, along with longtime partner Square Mile Capital, has built perhaps the largest portfolio of premier content creation space in the nation, accompanied by Class A office developments that continue to attract name-brand tenants before they’re even completed.
For example, just after the 2021 Power L.A. list was published, Hackman Capital Partners (HCP) — Amazon Studios’ favorite landlord — secured a 10-year lease with Netflix at the Raleigh Studios complex on Melrose Avenue.
On the development side, HCP is getting entitlements for its $1.3 billion project at Television City, which will bring more than 1.9 million square feet of studio, office and support space to the iconic property. Also this summer, HCP filed plans with IDS Real Estate Group to build a 244,000-square-foot office in Culver City, where Hackman dominates.
Aside from soundtages, L’Oreal less than a month ago moved into its “second American headquarters,” a new 100,000-square-foot campus in El Segundo. It’s part of the property that HCP converted from a former aerospace manufacturing site, and also brought in tenant Beyond Meat.
Landlords everywhere are facing the same predicament after the pandemic: What will bring employees back? Indeed, L’Oreal adopted a permanent hybrid model that seeks to “balance the best of working at home and in the office,” and allows employees to work remotely two days per week.
“Central to this hybrid structure is the understanding that the office must provide benefits, tools, opportunities and amenities that cannot be replicated at home,” the company said.
HCP and L’Oreal’s answer: indoor and outdoor workspaces; dining and catering options by Wolfgang Puck; health and wellness spaces; a professional products academy; a dog-friendly office environment; and a L’Oréal company store.
It’s hard to comprehend, then, that the past 12 months for HCP and Square Mile also included acquiring CBS Studio Center for $1.85 billion, which was the largest single-asset deal for studio space that Hollywood has ever seen. —G.C.
