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May 22, 2020

The sale of CBS’ iconic Television City offices and studios made big headlines as 2018 turned to 2019, marking another transformational deal guided by Stroock’s national Real Estate Group.

The transaction was highly publicized in part because of the 25-acre site’s status as a cultural landmark – Stroock’s client, CBS, had long filmed numerous shows there, such as “The Price Is Right,” “The Late Late Show With James Corden” and “The Bold and the Beautiful.”

Meanwhile, the purchaser, Hackman Capital Partners – one of the most prominent developers in California – acquired not only the land in the heart of Los Angeles but also the studio operations business. This required a set of complex arrangements to be put in place for the business transfer, including to address the legal ramifications of change in employment of the studio’s large workforce.

Drawing on Stroock’s full-service suite of elite practice groups, real estate partner Loryn Arkow, based in LA, assembled a team to handle the complex mergers and acquisitions, intellectual property and employment issues that arose during the deal alongside the real estate sale and leasing components of the transaction.

The transaction is also significant because of the scarcity of such parcels: There are few sites of this size in the center of Los Angeles, and this represents a prime development opportunity.

The deal helped Loryn win a Leaders in Law award from the Los Angeles Business Journal for 2019.

“I’m honored to have been called upon to guide such a landmark real estate deal, and I credit my colleagues for their collaboration and dedication at all hours to handle the deal’s multifaceted challenges,” Loryn said.   

Stroock’s national Real Estate Group is a one-stop shop, drawing on our extensive experience in virtually every aspect of the real estate industry.

We work hard to ensure that our clients meet all of their investment and operations goals, and we strive to go beyond providing legal guidance to serving our clients as trusted business advisors. 

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