Hackman Capital Partners (HCP) and Square Mile Capital Management announced today that they have acquired the Sony Pictures Animation Campus, located at 9050 Washington Boulevard in Culver City, CA, for a reported $160 million.
The campus is located directly across the street from The Culver Studios and The Culver Steps, which are also owned by the partnership. H&R Real Estate Investment Trust was the seller.
The latest acquisition, a three-building, 182,176 s/f, art deco Class “A” trophy office property is currently occupied by Sony’s Animation department as an extension of Sony’s neighboring studio lot in downtown Culver City. The campus includes three buildings: one building comprising 130,356 square feet; one building comprising 26,685 square feet; and one building comprising 25,135 square feet. The property also includes a private subterranean garage, a screening room, cafeteria, coffee stand, a park-like central courtyard and balconies with views of the surrounding area.
The campus is in the center of one of the most sought-after office markets in West Los Angeles and is surrounded by a mix of attractive amenities including restaurants, shops, outdoor cafes and live theaters, and conveniently located next to mass transit. Located in the heart of Culver City, the area has become the coveted destination for media, entertainment, and technology businesses. The city’s history is rooted in the motion picture industry and is home to a rapidly expanding multi-media hub.
Hackman Capital Partners has emerged as one of the leading operators of studio media properties on a global basis. The firm also actively focuses on acquiring best-in-class media and creative office properties such as the Sony Pictures Animation Campus. Hackman Capital Partners will continue to expand its portfolio of media office properties and its footprint in Culver City.
Michael Hackman, CEO of Hackman Capital Partners, said, “We are delighted to add this world-class property to our portfolio of top-flight media office properties. Located across the street from The Culver Studios and The Culver Steps, the campus is uniquely situated in an area that has become a hotbed for creative industries.”
He added, “We have invested in Culver City for more than 15 years and are proud stakeholders of the city, which has experienced a vibrant revitalization and has attracted many of the world’s most innovative and important companies.”
Square Mile Capital Management CEO Craig Solomon commented, “We are very enthusiastic about the targeted entertainment property investment platform that we have established in collaboration with Hackman Capital Partners. The investment fundamentals have never been stronger – high demand for broadcast and streaming content translates into high demand for quality studio facilities, support services and related office space. We anticipate that our platform will grow further as we continue to take advantage of acquisition and development opportunities.”
Kevin Keating of TRES Advisory Group and Judd Dunning of DWG Capital Group assisted in facilitating the transaction. Eastdil Secured represented Hackman Capital Partners on the financing.