We advised Square Mile Capital on its joint venture with Hackman Capital Partners for the Culver City, California, property

Davis Polk advised Square Mile Capital in connection with its joint venture with an affiliate of Hackman Capital Partners LLC for the acquisition of an office building located in Culver City, California.

The property is comprised of over 172,000 square feet of office space and is currently leased to Sony Animation. An affiliate of Hackman will serve as the property manager and leasing agent for the property. This is the eighth 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 Raleigh Studios, all located in or near Los Angeles, California; Second Line Stages in New Orleans, Louisiana; and Silvercup Studios in Queens and the Bronx.   

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.  All members of the Davis Polk team are based in the New York office.

Gibson, Dunn & Crutcher LLP represented Hackman on the formation of its joint venture with Square Mile Capital and on matters related to the acquisition and the financing.

Goldman Sachs was represented by Fried, Frank, Harris, Shriver & Jacobson LLP.