STUDIO CITY—On June 18, multiple news outlets reported that Netflix is in negotiations to purchase Radford Studio Center, from the syndicate lending company led by Goldman Sachs. Radford Studio Center is a 55-acre production facility located at 4024 Radford Avenue in Studio City.
Reports indicate that Hackman Capital previously owned the property prior to a default and lender takeover costing between $330 to $400 million. After Hackman Capital reportedly defaulted on the $1.1 billion mortgage, the lenders repossessed the property. Netflix is currently under contract to purchase it.
Hackman Capital and the MBS Group own more than 18 major media properties, 120 active soundstages, and host the production of creators such as Netflix, Apple, And Disney.
According to reports, the Radford Center is 1,200,000 square feet. The property had not maximized its occupancy. 63 percent of the building was occupied. David M. Solomon represented Goldman Sachs and Michael Hackman represented Hackman Capital Partners.
Records indicate that cause of defaulted loans and repossession of property is blamed on the distressed state of the production studio market in Los Angeles with 21 percent of the building being let out to cover the costs of the mortgage.
It is not clear if Netflix would vacate its headquarters from Sunset Bronson Studios located at 5800 Sunset Blvd, in Hollywood. It is currently leased to Netflix by Hudson Pacific and Hackman Capital. Reports indicate that the Netflix lease on Sunset Boulevard is due to expire in 2031.
