Michael Hackman, founder of Hackman Capital Partners, recently joined Los Angeles Mayor Karen Bass and union representatives to sign a Project Labor Agreement (PLA) for the modernization and expansion of production facilities at Radford Studio Center. This historic studio in Studio City is owned by HCP, the world’s largest independent owner and operator of sound stages.
This marks HCP’s second PLA in as many years, following a successful agreement at Television City last year. Together, these agreements demonstrate one of the biggest private sector commitments to union labor in Los Angeles’ history.
Hackman stated that their company is dedicated to investing in LA’s existing studio facilities and building state-of-the-art soundstages. By doing so, they hope to keep productions and well-paying jobs within the city. According to a recent Deloitte study on sound stage supply and demand in LA, studios are currently operating close to full capacity with waitlists up five film productions deep. The study also found that there needs be more than double the current number of sound stages available for this demand – something proposed development projects have yet been unable meet.
The article “Hackman Signs PLA for Modernization of Radford Studio Center” was originally published on Connect CRE.
