Manhattan Beach Studios—home of hit shows such as “CSI: Miami” and “Jane the Virgin” as well as the filming headquarters for the sequel to “Avatar"—has a new owner.
Hackman Capital Partners, a Los Angeles-based real estate investment company, acquired the 22-acre media campus off Rosecrans Avenue for $650 million last week, according to the company.
The price tag—an increase of several million from when previous owner Carlyle Group purchased the lot for $150 million in 2007—should net Manhattan Beach more city dollars, local officials said.
“Manhattan Beach is going to gain a noticeable difference in property tax revenue,” said Councilmember Richard Montgomery.
Operations at the studio are not expected to change, Montgomery added.
“I’m happy to see they’re going to keep the management and operations team in place that we’ve worked with for years,” he explained. “It should be an easy transition.”
Hackman Capital's acquisition also includes a production company, MBS Services, that helps with content creation for 259 stages at 35 partner studios around the world.
In a August 8 statement, Michael Hackman, chief executive of the group, said the purchase is a welcomed addition to Hackman Capital’s portfolio.
“As competition for content continues to increase, we see tremendous opportunities to grow this real estate platform globally with MBS’s experienced and first-rate management team,” said Hackman, whose company has invested more than $4.0 billion in properties, including one million square feet of creative office and media-related campus space in Southern California.
Richard Nelson, CEO of MB Studios, credited the growth of the media campus and production service company to the Carlyle team, but said the future looks bright under Hackman’s leadership.
“We look forward to partnering with Hackman Capital Partners team as we continue to grow our media platform of providing best-in-class service to the world’s top content creators,” Nelson said in a statement.