Square Mile Capital and Hackman Capital Partners acquire Kaufman Astoria Studios
Davis Polk advised Square Mile Capital in connection with its joint venture with an affiliate of Hackman Capital Partners LLC for the acquisition of the company that owns the studio property commonly referred to as “Kaufman Astoria Studios” for a purchase price of approximately $600 million.
Located in the Astoria section of Queens, Kaufman Astoria Studios was built in 1920 as the original home of Paramount Pictures. It is a fully operational studio facility, comprised of 11 soundstages and 325,000 square feet of production offices. An affiliate of Hackman will serve as the property manager and leasing agent for Kaufman Astoria Studios.
This is the eleventh 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, Raleigh Studios and Sony Animation, all located in or near Los Angeles, California; Second Line Stages in New Orleans, Louisiana; Silvercup Studios in Queens and the Bronx; Eastbrook Studios in London, United Kingdom; and Ardmore Studios in Bray, Ireland and Troy Studios in Limerick, Ireland.
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 Real Estate.
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 $6 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 associate Rachel M. Feldstein. The tax team included partner Po Sit and associates Liang Zhang and Dylan J. Steiner. Partner Harold Birnbaum provided M&A advice. Partner Andrew Ditchfield provided litigation advice. All members of the Davis Polk team are based in the New York office.