Real estate developer Hackman Capital plans to spend $ 1.25 billion to renovate West Hollywood’s historic CBS Television City, nearly 70 years old, including adding sound stages to meet seemingly limitless demand.
The world’s first purpose-built television studio was built in 1952 and has expanded in a mosaic over the years. Hackman acquired the iconic 25-acre property for $ 750 million in 2019. CBS ‘ The Late Late Show with James Corden, The price is ok and The Young and the Restless are recorded in Television City, as well as Dancing with the stars, American Idol and Real time with Bill Maher.
The project, which Hackman calls TVC 2050, will add 1.13 million square feet of new space and is designed “to address the needs of a modern studio and promote innovation and sustainability in production and operations,” the firm said. on Friday. It requires nearly doubling the number of soundstages from 8 to 15 and adding new production support facilities, rental offices and garage structures for up to 5,300 vehicles. Two stages built in the 1990s on the east side of the lot would be razed, but the original four stages built by CBS would be preserved along with other historic design elements.
Hackman Capital and Square Mile Acquire Sony Pictures Animation Campus in Culver City
“Television City is one of the great Hollywood studios. We are committed to ensuring that it remains a strong job creator and world-class studio for decades to come, ”said Michael Hackman, Founder and CEO. “Los Angeles lacks the modern sound stages and production facilities to meet market demand, putting our region at risk of the entertainment industry leaving the state if we don’t invest in its future.”
Demand for soundstages has grown on both coasts and in production hubs from Atlanta to London, driven by an explosion of content from streaming services and the desire for increasingly sophisticated visual effects.
“To remain competitive globally, Los Angeles needs more state-of-the-art soundstages and production space. 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, ”said Bill Allen, Executive Director of the Los Angeles County Economic Development Corporation.
A study conducted by the agency determined that the planned investment will result in $ 2.1 billion in total economic output and will maintain an estimated annual average of 4,220 direct and indirect jobs during construction. Once completed, TVC 2050 will generate $ 2.4 billion annually in new economic output and support an estimated 18,760 direct and indirect jobs.
Los Angeles-based Hackman specializes in the purchase and renovation of studios, commercial, industrial and other properties and is one of the largest independent owner-operators of studio locations. Its eight studios comprise more than 70 soundstages and it has 35 soundstages in development. An affiliate of Hackman, the MBS group is a collection of companies serving global content creators in film, television, and digital media, including equipment, studio management, logistics, and production planning.
In January, Hackman and Square Mile Capital Management acquired Sony Pictures Animation Campus in the Culver City days and Hackman took over operations of the historic Raleigh Studios in Hollywood and Raleigh’s Saticoy Studios in Van Nuys. Last fall, the partners purchased the historic Silvercup Studios in New York City.
The association’s other assets include MBS Media Campus in Manhattan Beach, Second Line Stages in New Orleans, and Eastbrook Studios London.