Real estate firm Hackman Capital Partners is on the verge of purchasing CBS Television City, the Los Angeles Times reported on Monday night, citing anonymous sources who are not authorized to speak about the deal publicly.
The Times reported that the transaction could be valued at more than $700 million, and that CBS would remain in the building as a tenant for a period of time. A representative at CBS said the company does not have any comment.
Local media reports surfaced in September 2017 saying that CBS officials were thinking about selling the 25-acre complex, launching speculation about future uses of the site. With the historic site’s preservation in mind, the nonprofit Los Angeles Conservancy nominated Television City for historic-cultural monument status, which the Los Angeles City Council approved a few months ago.
Adrian Scott Fine, the conservancy’s director of advocacy, previously said the designation wouldn’t necessarily preclude new development on the plot, but could allow for “creative design” that preserves the original structure.
Television City opened in 1952 at the intersection of Beverly Boulevard and Fairfax Avenue. It has hosted television productions including “The Carol Burnett Show,” “All in the Family” and “The Price is Right.”
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