Goldman Sachs Acquires Radford Studio Center Office From Hackman Capital Partners In Studio City

The asset involved in this transaction is an office property located at 4024 Radford Avenue in Studio City. The total square footage of the property is 1,200,000. This transaction follows the default of Hackman Capital Partners on a $1.1 billion mortgage, highlighting challenges in the Los Angeles studio market. The property's occupancy was reported to be at 63%, which only covered 21% of the debt service as of June. The pricing details are undisclosed.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Undisclosed
• Buyer: David M. Solomon - Goldman Sachs
• Seller: Michael Hackman - Hackman Capital Partners
• Market: Studio City
• Asset Size: 1,200,000 SF

David M. Solomon represents Goldman Sachs, which is leading the takeover of the Radford Studio Center. The implications of this transaction are rooted in the distressed state of the studio market in Los Angeles, particularly as it pertains to reduced production activities that have affected occupancy and financial stability.