One of Los Angeles’ most historic production facilities is poised to change hands. Hackman Capital Partners is expected to cede ownership of Radford Studio Center to lenders after defaulting on a $1.1 billion mortgage tied to the 55-acre Studio City lot, according to a new report from Bloomberg.
Hackman, currently the world’s largest independent studio owner, reportedly informed investors last month that it had suspended negotiations to restructure the debt. As a result, ownership of the former CBS Studio Center is expected to be turned over to Goldman Sachs, which led the financing.
The move underscores the ongoing strain facing studio real estate owners amid a prolonged downturn in film and television production. Bloomberg reports that as of June 2025, revenue generated by the Radford property covered just 21 percent of its annual debt service, an unsustainable margin that reflects the broader contraction in production volume since 2022.
In a statement, Hackman acknowledged the challenges but emphasized its broader financial position. “We are continuing to work with the Radford lenders on a path forward for this asset,” a company spokesperson said. “This is a challenging time for all suppliers and independent studio owners and operators in the U.S. We have substantial capital behind us, hold 50 percent of our assets without debt, and remain geographically diverse, with 55 percent of our studios outside the U.S.”
Goldman Sachs declined to comment.
According to Bloomberg, Hackman told investors that efforts to restructure the loan were complicated by disagreements involving The MBS Group, the affiliate that operates Radford and other Hackman-owned facilities. The letter alleged that proposed changes to equipment rental arrangements made a deal with lenders unworkable.
Hackman acquired the Radford lot from ViacomCBS in 2021 for $1.85 billion as part of an aggressive expansion that also included CBS Television City in the Fairfax District. In 2023, the firm announced plans to invest an additional $1 billion into modernizing Radford, which dates back to 1928 and has hosted landmark productions including Gunsmoke, Gilligan’s Island, The Mary Tyler Moore Show, American Gladiators, thirtysomething, and Seinfeld.
The property has also faced operational challenges. In February 2024, worker J.C. “Spike” Osorio was killed after falling through aging rafters on the lot. A subsequent Cal/OSHA investigation cited deteriorating wood in catwalk structures and levied a $45,000 penalty against the facility.
Hackman Capital Partners continues to own Culver Studios, which is leased to Amazon, along with production facilities in New York, New Orleans, Vancouver, and the U.K. Still, the likely transfer of Radford to lenders marks one of the most significant signals yet of how sharply the production slowdown is impacting even the industry’s biggest real estate players.
In short: Hollywood’s studio footprint is being reshaped in real time, and even legacy lots are no longer immune.
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