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12/03/21
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A Hackman Capital Partners LLC and Square Mile Capital Management LLC partnership has entered into a definitive agreement to purchase CBS Studio Center in Studio City for approximately $1.85 bil. The property is being sold by ViacomCBS Inc.
The best-in-class studio lot sits on a 55-gross-acre site in the Southeastern San Fernando Valley and consists of over 1 msf of space, including 22 stages, production office and support buildings, third-party tenant offices, a purpose-built broadcast center and filmable backlot locations. The studio has been home to a number of major television shows over the years, including Gunsmoke, Mary Tyler Moore, and Seinfeld.
At closing, CBS Broadcasting Inc will enter into a long-term lease-back of the Broadcast Center, which is home to television stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term lease-back of certain portions of the property in order to manage the transition of ViacomCBS employees to other locations.
“This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and will allow the company to re-deploy capital to strategic growth priorities, including streaming,” said Naveen Chopra, EVP and Chief Financial Officer, ViacomCBS.
Carl Muhlstein and Kevin MacKenzie of JLL are acting as exclusive agents for ViacomCBS in the transaction. The transaction is expected to close in 2021, subject to customary closing conditions, including regulatory approval.
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