Hackman’s Television City Heads Toward Sale as Studio Distress Grips Hollywood

A Deutsche Bank-led consortium filed a notice of default as potential buyers such as Rick Caruso circle
By Greg Cornfield July 13, 2026 3:35 pm
reprintsTelevision City, a landmark studio in Los Angeles that has been home to productions ranging from “The Price Is Right” to “American Idol,” is poised to hit the market in another blow to owner and studio mogul Hackman Capital Partners (HCP).
A lender group led by Deutsche Bank filed a notice of default last month alleging Hackman owes more than $357 million on the 25-acre property in the Fairfax District, according to the Los Angeles Times. The default follows months of negotiations between Hackman and its lenders as the company weighs alternatives, and it’s another marquee studio property in HCP’s industry-leading portfolio to fall into distress.
It’s also the latest chapter in the unraveling of the industry’s bet that streaming would fuel an expansion and an extension of studio real estate demand.
Culver City-based HCP over the past decade assembled the largest portfolio of studio properties, including a 2019 deal for $750 million to acquire Television City with its partner Affinius Capital (formerly Square Mile Capital) from CBS. HCP also planned a roughly $1 billion redevelopment that would add nearly 1 million square feet of offices, soundstages, production facilities and retail.
But show business, and HCP’s portfolio, were significantly hamstrung by the post-pandemic slowdown, the 2023 writers and actors strikes, rising interest rates and studio consolidation. Earlier this year, Goldman Sachs took control of the 1.2 million-square-foot Radford Studio Center — where HCP also planned a $1 billion addition with another 1 million square feet of soundstage space — after the firm defaulted on a $1.1 billion mortgage. The property is now under contract to be sold to Netflix for roughly $400 million, a fraction of the nearly $1.9 billion Hackman and its partners paid in 2021.
Meanwhile, Deutsche Bank has also been marketing HCP’s Manhattan Beach Studios, and has moved against other Hackman-backed assets in L.A. and New York.
Television City borders Caruso’s The Grove and the Original Farmers Market, and sources familiar with the process told the L.A. Times that Rick Caruso and the Gilmore family could emerge as potential bidders.
A representative for HCP did not immediately respond to a request for comment.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Facts Only

* A Deutsche Bank-led consortium filed a notice of default against Hackman for $357 million on the 25-acre Television City property.
* Hackman owes more than $357 million on the Fairfax District property, according to the Los Angeles Times.
* HCP assembled the largest portfolio of studio properties over the past decade.
* In 2019, HCP acquired Television City with Affinius Capital from CBS for $750 million.
* HCP planned a roughly $1 billion redevelopment for Television City, including adding nearly 1 million square feet of offices, soundstages, production facilities, and retail.
* Goldman Sachs took control of the Radford Studio Center after defaulting on a $1.1 billion mortgage.
* The Radford Studio Center is under contract to be sold to Netflix for approximately $400 million.
* Deutsche Bank is marketing Hackman’s Manhattan Beach Studios.
* Television City borders The Grove and the Original Farmers Market.

Executive Summary

A Deutsche Bank-led consortium has filed a notice of default against Hackman Capital Partners regarding the 25-acre Television City property in the Fairfax District, alleging Hackman owes over $357 million. This follows negotiations between Hackman and its lenders as the company seeks alternatives for the studio property. The distress reflects broader industry trends, as other Hackman-backed assets faced issues; for example, Goldman Sachs took control of the Radford Studio Center after a default on a mortgage, and Netflix is in contract to purchase that property. Television City is situated near Caruso's The Grove and the Original Farmers Market, and potential bidders mentioned include Rick Caruso and the Gilmore family. Furthermore, Deutsche Bank is marketing Hackman’s Manhattan Beach Studios while moving against other assets in Los Angeles and New York.

Full Take

The narrative illustrates a systemic vulnerability where investment in studio real estate, fueled by streaming expansion, has encountered friction from economic headwinds like post-pandemic slowdowns, labor disputes, and rising interest rates, leading to portfolio distress for major entities like Hackman Capital Partners. The simultaneous default across multiple assets—Television City, the Radford Studio Center, and Manhattan Beach Studios—suggests a broader fragility in the valuation models underpinning the studio real estate market, potentially exposing the assumption that streaming expansion automatically translates into sustained, high-value asset stability. The emergence of high-profile figures like Rick Caruso as potential bidders introduces a layer of speculative friction onto these financial defaults, suggesting that tangible assets tied to cultural landmarks are now being treated as negotiable commodities rather than stable investments. This pattern reflects a tension between the narrative of industry growth and the reality of concentrated financial risk, where large deals financed by high leverage become liabilities when macro-economic conditions shift. The missing element is an examination of how external economic forces systematically erode the perceived value derived from cultural real estate assets in this specific sector.