NYC’s Iconic Silvercup Studios Acquired by JV

NEW YORK CITY – Hackman Capital Partners and Square Mile Capital have acquired the independent film and television studio, Silvercup Studios in New York City, through an affiliated entity. The purchase includes the property’s operational components and equipment.

The transactions serves as the seventh acquisition made by Hackman Capital Partners and Square Mile Capital’s media platform, and additionally serves as the media platform’s entry into the New York content production market.

The acquired studio includes 23 soundstages, totaling more than 240,000 square feet and office and production support space, totaling 265,000 square feet. The studio maintains its own inventory of lighting, grip and ancillary equipment through its affiliated lighting company, Silvertrucks, which has also been acquired as part of the transaction.

Silvercup Studios, founded on the site of the landmark Silvercup Bakery in 1983, has grown to encompass three campuses, totaling 10.4 acres of land in Long Island City and the Bronx. The studio’s three locations consist of the Main lot and East lot in Long Island City, Queens, and Silvercup North in the Bronx.

The studio offers a full suite of support services to its client base of major media and digital content producers.

The joint-venture partners have established a robust studio and media portfolio and global studio of networks, comprising nearly $3.8 billion in studio and media assets, including 60 soundstages, nearly 3.6 million square feet of space.

In addition to Silvercup Studios, the partnership’s portfolio includes the 14.3 acre television and film studio, the Culver Studios in Culver City; the recently-constructed 110,000-square-foot building, the Culver Steps; the 25 acre facility in West Hollywood, Television City Studios; the 22 acre studio production facility in Manhattan Beach, Manhattan Beach Studios; the purpose-built studio in Louisiana, Second Line Stages; and the studio operations company and production equipment and services provider to more than 40 studios and more than 300 soundstages, The MBS Group.

Eastdil Secured LLC’s David Lazarus and William Sherman served as executive advisors to Silvercup Studios for the transaction.

“In 1983, my father Harry, brother Stuart and I started on this journey to build Silvercup Studios into one of the preeminent studios in New York,” says Alan Suna, who will continue as chairman of Silvercup Studios. “After 37 years, we sought to take on the right partner to help us further grow and develop the studio business as the industry has continued to thrive in New York City.  After careful consideration, we chose the Hackman Capital Partners/Square Mile Capital Platform, including the MBS Group, because their leadership embodies the values that we hold dear, including retaining the dedicated team that helped us achieve so much success. As deeply experienced operators, they will help us continue the Silvercup legacy into the future.”

“As the leading independent owner and operator of studio properties, we are beyond thrilled to add the iconic Silvercup Studios to our portfolio of distinguished studio and media assets,” states Hackman Capital Partners CEO, Michael Hackman. “We look forward to working closely with Silvercup’s founders as well as leveraging the MBS Group’s global platform to continue to provide a full suite of studio operations and ancillary services in New York to the world’s top content creators.”

“At inception our media platform set out to create the leading aggregation of institutional quality assets in this rapidly evolving industry, creating value through the MBS Group’s best-in-class operational capabilities,” states Craig Solomon, Square Mile Capital Management CEO. “We are delighted to add iconic Silvercup Studios to our growing studio and media portfolio and carry forward the legacy and storied history that Alan and Stuart Suna artfully created while building Silvercup into one of the most preeminent studios in New York.  Michael and I look forward to an exciting collaboration with the Sunas’ and their management team.”