|Page (1) of 1 - 03/07/14||email article||print page|
Hackman Capital Commits to Culver Studios; Plans to Preserve Historic Studio Site(March 07, 2014)
Los Angeles, CA (PRWEB) March 07, 2014
Hackman Capital Partners, LLC, confirmed today that affiliates of the Los Angeles-based firm have purchased The Culver Studios, an iconic, independent film studio in Culver City, CA. Originally built in 1918, classics such as Gone with the Wind, Citizen Cane, E.T., A Few Good Men and Kill Bill were filmed at the 14-acre site, in addition to TV favorites such as The Andy Griffith Show, Batman, Baywatch and Lassie. The 358,203 square foot studio site includes 13 sound stages, luxury workspace and screening rooms. The studio was built in 1918 by silent movie producer Thomas Ince and was later purchased by producer and director Cecil B. DeMille. Other owners of Culver Studios have included filmmakers David O. Selznick, Joseph Kennedy and Howard Hughes, TV producers Lucille Ball, Desi Arnaz and Grant Tinker until it was later acquired by Sony Pictures.
We are committed to maintaining the storied history of The Culver Studios and will continue to operate this distinctive property as studio space and media campus, said Michael Hackman, Founder and Chief Executive Officer of Hackman Capital Partners. We will retain and celebrate the character of Culver Studios while advancing the property into a best-in-class, top independent studio in Los Angeles.
Through affiliates, Hackman Capital Partners currently owns 270 properties nationwide totaling 25 million square feet. Twelve of these properties are located in Los Angeles with six creative office buildings in Culver City. Most recently, the investment firm redeveloped three buildings and constructed a parking garage in Culver Citys Hayden Tract, two of which are being leased to Beats by Dr. Dre for their world headquarters. Culver City has become appealing to investment firms like Hackman Capital Partners since the community began to evolve as a hub for leading-edge media, entertainment and technology companies. The studios incredible history, unbeatable location and intimate feel drew the real estate investment firm to the site.
We are fortunate to be longtime members of the Culver City community and have made substantial investments in the immediate area," said Hackman. "We have been watching Culver Studios for some time, and based upon our working knowledge of the area and our relationship with the community, we were in a unique position to be part of such a special property. Culver City and this studio have played an integral role in the advancement of the motion picture and television production world since the 1920s, and we intend to keep it that way.
According to Hackman, the Culver Studios stages are fully leased, and the proximity to new media and
technology companies will keep the site at the forefront of production. The stages and offices can be adapted to accommodate a wide array of film crews with different production needs. This will be particularly valuable as recent trends show a merger between media and technology as the entertainment industry evolves into web-based shows and other media vehicles. Hackman noted that they will look for ways to modernize the site to meet the changing needs of the television and movie industries - all while cherishing Culver Studios long history and symbolism in the community.
Los Angeles is still the place to be for film and TV production, said Hackman. The talent resides here, and we believe in the long term longevity of show business in this city and at Culver Studios.
More About Hackman Capital Partners, LLC.
Founded in 1986 and headquartered in Los Angeles, Hackman Capital Partners is a privately held, asset- based investment firm that focuses on the acquisition of industrial real estate and the purchase and sale of industrial equipment. The firm also redevelops properties into creative and media office buildings. Hackman Capital Partners currently owns, through its affiliated entities, more than 270 facilities throughout the United States, totaling approximately 25 million square feet and more than 10,000 acres of land. For more information, visit http://www.hackmancapital.com.
Read the full story at http://www.prweb.com/releases/2014/03/prweb11648833.htm.