CBS has selected LA real estate investment firm Hackman Capital Partners as the winning bidder for the company’s iconic Television City facility near the corner of Fairfax and Beverly, a source familiar with the deal tells Deadline.
The transaction is not yet final, but the value is said to be well north of $700 million. Word first surfaced last year that CBS was considering shopping the 25-acre site, where shows like All in the Family was produced and early television figures like Jack Benny performed.
CBS declined to comment.
Hackman has backed several notable developments in LA, including the current expansion and modernization of Culver Studios. The home to classic Hollywood productions like Gone with the Wind and soon to be the Southern California base of Amazon.
Real estate values have been surging, especially in the neighborhood around the storied Television City site, where about a half-dozen shows including The Late Show with James Corden, The Price is Right and HBO’s Real Time with Bill Maher are produced. Next door to Television City are The Grove and the Farmer’s Market, which have transformed the area over the past decade-plus.
Like other media companies with real estate in their portfolios, CBS has identified more potential in monetizing the property rather than continuing to own it. The company is expected to lease back the production space to continue shooting the half-dozen shows that are produced there, the source said. About 10 years ago, the company bulked up its Studio City production operations, lessening its reliance on Television City.
The Los Angeles Times, which was among the first to report the news, speculated that the acres of parking lots at Television City could be turned into office or retail space, pending city approval.