Founder and CEO at Hackman Capital Partners
Michael Hackman started Hackman Capital Partners almost a quarter-century ago, and found early success in the industrial market. Then, over a decade ago, he made a pivot to office and studio properties, leading a wave of conversions throughout L.A. County. Now, Hackman owns one of the premier film production portfolios in a time when demand for such space is soaring, and Hackman spent this year expanding that portfolio greatly.
Commercial Observer first reported what will likely be Hackman’s deal of the year. The firm entered the East Coast market when it acquired Queens’ Silvercup Studios for about $500 million. It’s the leading independent studio for film and television in New York. The site is active with shows like HBO’s “Succession,” and was previously the home to programs like “The Sopranos” and “30 Rock.”
Hackman also recently acquired Second Line Stages in New Orleans, and broke into the London market when it signed an agreement to build a fully entitled studio development that will be called Eastbrook Studios. When complete, it will be the largest TV and film production facility in London with 700,000 square feet of space and 18 soundstages on a 21.5-acre site.
Hackman was already taking advantage of the race for content creation space before the pandemic hit, and now more consumers than ever are relying on at-home entertainment to pass the time. Studio heads in L.A. say rents are increasing this year due to the backlog in demand. Hackman’s studio portfolio stands at 60 total stages, or about 3.6 million square feet of space with additional growth capacity.
In the past few years, Hackman Capital solidified its control over the studio and soundstage space. The firm acquired CBS Television City in L.A. in 2018 for $750 million, and Manhattan Beach Studios in 2019 for $650 million. Hackman also finished the Culver Steps office campus last year, which is leased to Amazon, and acquired Culver Studios, which is expanding for Amazon Studios filming.
Hackman is also active in other growing media and tech hubs like El Segundo. In the first quarter of 2021, the firm is set to open a massive office conversion of the former Northrop Grumman site.