Michael Hackman

Michael Hackman

Founder and CEO at Hackman Capital Partners

Michael Hackman
By September 15, 2023 9:00 AM

Hackman Capital Partners (HCP) is one of the largest owners and managers of studio space, serving top streamers such as Amazon Prime and Netflix. And, despite the overall slowdown in commercial real estate, it’s still expanding.

The Culver City-based company announced a plan this year to modernize the 1.2 million-square-foot Radford Studio Center campus in Los Angeles, and invest $1 billion in new facilities. The additions will span 1 million square feet for 20 to 25 soundstages, as well as production office and support facilities, and general office space.

The L.A. Economic Development Corporation estimates the project will create $2.4 billion in output during construction, and the campus is expected to generate $5.5 billion annually. (HCP acquired the Radford Studio Center for $1.85 billion in 2021.)

Also this year, Hackman’s 122,000-square-foot Culver Steps development in Downtown Culver City reached full occupancy. The asset stars 80,000 square feet of office for Amazon Studios and a ground-floor retail center anchored by celebrity-favorite supermarket Erewhon. Hackman also nabbed popular restaurateur Dean McKillen to open his next location at the Culver Steps development.

It’s adjacent to the historic Culver Studios, owned by Hackman and part of a $620 million redevelopment that features 628,750 square feet of office and seven soundstages fully leased to Amazon Studios.

Hackman also raised $1.6 billion to grow its studio empire, and it extended an unprecedented run that included frequent joint venture partner Square Mile Capital Management in acquiring Kaufman Astoria Studios and Silvercup Studios, both in Queens, N.Y.

HCP is also close to entitlements for its $1.3 billion project at L.A.’s Television City, which will bring more than 1.9 million square feet of studio, office and support space to the property. Hackman’s studio portfolio also includes Hollywood’s historic Raleigh Studios — with another 13 soundstages and 165,000 square feet of office and support space — as well as the Sony Pictures Animation Campus across the street from the Culver Studios, and more.

The firm also owns a portfolio of premiere office space, and this summer, HCP filed plans with IDS Real Estate Group to build a 244,000-square-foot office in Culver City.