CULVER CITY, CA—Hackman Capital Partners has purchased the historic Culver Studios for $85 million in a debtor-controlled sale, according to industry sources. Located at 9336 W. Washington Blvd. in Culver City, the 14-acre studio campus has 13 sound stages, creative office buildings and onsite parking.
Hackman Capital purchased the iconic site from a joint venture between Lehman Brothers Holdings, Pacifica Ventures and PCCP. Orrick assisted a syndicate investor affiliated with Hackman Capital. According to Orrick, the sale involved a complex capital raising effort for the transaction and concurrent bridge financing funded through a institutional balance sheet lender.
The studio was built in 1918, and has a long list of famous former owners, including Lucille Ball and Desi Arnaz, Howard Hughes and director Cecil B. DeMille. Legendary films Gone With the Wind, Citizen Kane, and A Few Good Men were filmed at the studio, which now serves as the set of ABC‘s Cougar Town. The studio has suffered financial troubles due to filming crews seeking out-of-state locations.
According to industry sources, the new owner plans to continue operating the property as a studio space, but also plans to make significant renovations. Involved parties were not able to comment on the sale prior to publication.
We will continue to update this story as more information becomes available.