Not long after scooping up Paramount's original home in New York, Hackman Capital Partners is back at it on its home turf.
This week, the Culver City-based developer and its partner Square Mile Capital Management announced that it would CBS Studio Center (the facility that put the Studio in Studio City) for $1.85 billion from ViacomCBS.
"We're honored to have been selected as the new stewards of CBS Studio Center, one of the most celebrated and successful studios in Los Angeles," said Hackman Capital founder and chief executive Michael Hackman in a news release. "The studio has been a hit maker from the days of Gunsmoke, Mary Tyler Moore, and Seinfeld, and we're thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot."
ViacomCBS will continue operating out of the property under a leaseback agreement.
Mizrahi Tefahot Bank, the third largest bank in Israel, has signed a 10-year, 7,500 square foot office lease at U.S. Bank Tower in Downtown Los Angeles, landlord Silverstein Properties announced this week.
Mizrahi Tefahot is slated to move into a part of the building’s 57th floor in March 2022. The space will serve as the company's new U.S. headquarters.
Silverstein is currently engaged in a $60-million revamp of the U.S. Bank Tower, long the tallest structure in Los Angeles, which refurbishes its common area (but sadly ditches the short-lived skyslide).
Here's what we're reading this week:
Eyes on the Street: New Bus Lane on Grand Avenue in Downtown L.A. "The southbound Grand bus lane doesn’t reach quite as far north onto Bunker Hill as the Olive lane does. The new Grand bus lane extends just over one mile – from Hope Place (a half block above 5th Street) to Pico Boulevard. All of this stretch now has a left-side protected bike lane, and a right-side bus lane." (Streetsblog LA)
Crime on L.A. trains, buses rises as riders return: ‘Poor people are suffering the most’ "With the pandemic easing and lockdowns lifted, a return to normalcy has come with benefits: increased economic activity, more people going back to work and school and holiday gatherings and social interactions....But on the Los Angeles public transit system — where ridership has rebounded to about 843,000 weekday daily riders from a pandemic low of about 363,800 — normal has also brought with it a rise in crime." (LA Times)
Go Metro this Sunday to CicLAvia — South LA "Don’t miss the final CicLAvia of 2021 in South LA! Enjoy five miles of open streets by bike, skate, or foot on Sunday, Dec. 5 from 9 a.m. to 3 p.m. People of all ages and abilities are welcome." (The Source)
Facing housing crisis, L.A. voters back duplexes in single-family neighborhoods "Countywide, 55% of voters support Senate Bill 9, which lets property owners construct duplexes, and in some cases fourplexes, in most single-family-home neighborhoods statewide. By contrast, 27% were against the law while 18% were undecided....Senate Bill 10, which lets local city councils expedite construction of apartment complexes of up to 10 units near transit hubs and urban infill areas, including in single-family-home zones, gets stronger support. It has support of 68% of county voters with 13% opposed and 19% undecided." (LA Times)
California Isn’t Adding Nearly Enough Housing To Keep Up With Job Growth "The company analyzed building permit data from the U.S. Census Bureau and jobs data from the Bureau of Labor Statistics. The report found that from 2010-20, California gained almost 2.5 million jobs, but built less than one million homes." (LAist)
Seven-City East SGV Project Recommended for $15 million for Bike/Ped, Bus, and First-Last Mile Measure M Funding "The Measure M MSP funding is broken down into two categories. The first category — $15 million — funds planning, design and construction of major corridor projects, while the second category — $7 million total — funds just planning/design of major corridor projects, with each project being able to receive up to $1 million." (Streetsblog LA)