March.05.2014
Orrick’s Los Angeles Real Estate team assisted an investor syndicate sponsored by longtime client Hackman Capital Partners in the acquisition of the historic Culver Studios television and film studios in Culver City, Los Angeles County.
The complex transaction involved a capital raise for the acquisition of the property and a concurrent bridge financing provided by an institutional balance sheet lender.
Founded in 1918, the legendary Culver Studios was once owned by Cecil B. DeMille and is known for the filming of classics such as Gone with the Wind, Citizen Kane, E.T., A Few Good Men, The Matrix and Alice in Wonderland. The Studio is also home to television shows such as Batman, Deal or No Deal, Marvel’s Agents of Shield and Cougar Town. The historic studio campus consists of 13 sound stages along with creative office buildings and parking structures on a 14.1 acre site.
The sponsor of the buyer syndicate, Hackman Capital Partners, is a privately held, asset-based investment firm headquartered in Los Angeles with a focus on the acquisition, redevelopment, asset management and sale of primarily industrial real estate and equipment. The new owner intends to make significant investments in the property.
Dennis Martin, Orrick’s lead partner on the project, commented, “This has been an exciting project, both for our client and Orrick. As Los Angeles natives, we appreciate the historic impact Culver Studios has had on Los Angeles’ film industry, and we are proud to be part of its acquisition and future investment.”
In addition to Dennis, the Orrick team included real estate associates Olayinka Ajagunna, Jonathan Roheim, Elena Sauber and Matthew Sheehan, employment law partner Michael Weil and employment law of counsel Herbert Levine, compensation and benefits associate Jason Flaherty, tax partner Steve Malvey and tax associate Kimberly Loocke.