Square Mile Capital joint venture with Hackman Capital Partners
Davis Polk advised Square Mile Capital in connection with its joint venture with an affiliate of Hackman Capital Partners LLC, which entered into an agreement to acquire a controlling interest in the property commonly referred to as “Raleigh Studios” in California.
Raleigh Studios is a fully operational television and film studio located in Los Angeles, California, comprised of 15 sound stages and ancillary office, support and storage space. Founded in 1915, Raleigh Studios remains one of the longest continually-operating studios in the world. It has hosted some of Hollywood’s biggest stars since the Golden Age of film, including Charlie Chaplin. More recent television series filmed at Raleigh Studios include Who’s Line Is It Anyway?, Ugly Betty and Castle. This is the seventh 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 and Culver Steps, all located in or near Los Angeles, California; Second Line Stages in New Orleans, Louisiana; and Silvercup Studios in Queens and the Bronx.
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 Rebecca A. Rosen provided tax advice. 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 operating lease and purchase agreement.