Depressed production levels force Hackman Capital to relinquish control of studio complexes across L.A. A bid for Manhattan Beach Studios involves plans to clear its soundstages.
Lenders are moving in on studio complexes owned by Hackman Capital Partners, the biggest independent owner of soundstages in Los Angeles, as production levels in the region hover around all-time lows.
A lender consortium led by Deutsche Bank have kicked off the process of selling Television City, a storied lot in the central L.A. Fairfax Avenue corridor. They’re owed more than $357 million, according to a notice of default filed last month.
At the same time, Deutsche Bank is looking to offload Manhattan Beach Studios. An industrial company has submitted a preemptive offer, a person involved in the sale tells The Hollywood Reporter. Plans involve clearing or retrofitting the 15 soundstages on the 22-acre studio campus.
“The studio market is evolving, and the financing environment for studio assets remains complex,” said a spokesperson for Hackman in a statement. “We are engaged in active discussions with our lending partners and are carefully evaluating the most appropriate path forward.”
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https://www.hollywoodreporter.com/business/business-news/television-city-sold-owner-debt-1236642233/