Netflix Among Suitors Interested in Buying Radford Lot
Variety • • entertainment
Key Points:
- Netflix is reportedly a leading contender to buy the Radford Studios lot in Studio City, which went into foreclosure earlier this year, with a potential sale price around $400 million.
- The 55-acre Radford Studios, originally built in 1928, has seen declining occupancy and deferred renovation plans after Hackman Capital Partners defaulted on a $1.1 billion loan, leading to Goldman Sachs taking control.
- Hackman Capital Partners purchased the property for $1.85 billion in 2021 but has paused its planned $1 billion renovation due to financial difficulties and rising interest rates.
- Netflix is simultaneously investing $1 billion in a new studio at Fort Monmouth, New Jersey, benefiting from significant state subsidies and tax credits, and has a similar production infrastructure deal in New Mexico.
- Hackman Capital Partners is the world's largest independent studio owner, managing multiple prominent studios in major cities including Los Angeles, New York, and Vancouver.
