For CBS Corp., the price was right.
The company said Monday that it has sold its iconic Television City headquarters, and active sound stages, near Farmers Market and The Grove for $750 million to Los Angeles-based real estate developer Hackman Capital Partners.
The sale, which was expected, will give the buyer the right to use the Television City name in connection with its future operations on the property. But shows that are produced at Television City, including CBS’ “The Late Late Show with James Corden,” “The Price is Right” and “The Young and the Restless,” will continue to be based there.
CBS, in an announcement, also said it would retain office space because its studios’ headquarters for its international operations are on the site.
“The sale of Television City unlocks significant value, increasing CBS’ financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment,” said Joseph Ianniello, CBS’ acting chief executive in a statement. “Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios.”
Television City has played an important role in CBS' history — and in American pop culture. The broadcasting company decided in 1950 to relocate much of its entertainment operations to Los Angeles from New York. Its move west helped establish an enduring part of Los Angeles' identity and its economy: television production.
CBS purchased the property at Fairfax Avenue and Beverly Boulevard in 1950. CBS needed more space — facilities that could accommodate live production and studio audiences — than its Columbia Square complex on Sunset Boulevard could provide. So it spent a reported $7 million to build the futuristic complex with its mid-century design by noted architect William Pereira.
Hackman Capital has emerged in recent years as one of the region’s most high-profile developers. It owns Culver Studios, a historic movie studio in Culver City, that it is renovating and nearly doubling in size with the addition of office and production space. It held a groundbreaking for the project on Monday.
Amazon Studios will occupy 530,000 square feet in Culver Studios, including the 1920s mansion on Washington Boulevard that was modeled after George Washington's home on Mount Vernon. Hackman is also building Culver Steps, an office and retail complex near the studios that will be occupied by Amazon.