Acquisition of Silvercup Studios film and TV facility in Long Island City, NY
Davis Polk advised a joint venture between affiliates of Square Mile Capital and Hackman Capital Partners LLC on the acquisition of the property commonly referred to as “Silvercup Studios” from Silvercup Studios Associates Limited Partnership and its affiliates.
Located in the former flour silo of the landmark Silvercup Bakery in Long Island City, New York, Silvercup Studios is a fully operational studio facility, comprised of 23 shooting stages at three locations in Queens and the Bronx. An affiliate of Hackman will serve as the property manager and leasing agent for Silvercup Studios. This is the sixth joint venture between Square Mile Capital and Hackman in the studio stage and related space, as part of a broader agreement between Square Mile Capital and Hackman to jointly pursue such investments. Prior joint investments between Square Mile Capital and Hackman include CBS Television City, MBS Media Campus, The Culver Studios, Culver Steps and Second Line Stages.
Square Mile Capital is an integrated institutional real estate finance and investment management firm based in New York. Square Mile Capital has an investment program that includes first mortgages, mezzanine loans, preferred equity and joint venture equity and maintains a strategic partnership with USAA Realco.
Hackman is a privately held real estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. Founded in 1986, Hackman has invested more than $4 billion in real properties across 41 states – having owned, through its affiliates, over 400 buildings totaling 35-plus million square feet.
The Davis Polk real estate team included partner Michael J. Rishty and associates Kimberly (KyungEun) Won, Rachel M. Feldstein and David Beizer. Partner Po Sit and associate Liang Zhang provided tax advice. Counsel Matthew J. Bacal and associate S. Dream Montgomery provided intellectual property advice. Partner Edmond T. FitzGerald and associate Nicholas D. DeLuca provided employment and benefits advice. All members of the Davis Polk team are based in the New York office.