Bungalow Projects, a real estate development firm focused on creating production hubs for episodic, film and digital content creation, and Bain Capital Real Estate have expanded their production studio portfolio with the acquisition of 145 Wolcott St. in the Red Hook neighborhood of Brooklyn, New York for $34 million.
The planned 225,000-square-foot production facility will feature four state-of-the-art soundstages averaging approximately 18,000 square feet each, with clear heights of approximately 40 feet to the grid, that will cater to all types of episodic and film production. The facility, which is centrally located near other creative hubs in Brooklyn as well as Manhattan, will include approximately 82,000 square feet of ancillary production support spaces as well as 200 below-grade parking spaces. 145 Wolcott will also feature several outdoor terraces that can also serve as shoot locations with panoramic views of Manhattan, the Statue of Liberty and New York Harbor.
Bungalow Projects co-founders Travis Feehan and Susi Yu have deep New York City roots and extensive ground-up and redevelopment experience, having delivered over four million square feet of entertainment and sports, mixed-use residential and office real estate. The firm recently closed on its first acquisition of a property located at 215 Moore Street, an approximately 100,000-square-foot site in Bushwick, one of Brooklyn’s premier neighborhoods for production and artistic innovation. The Moore Street development is expected to result in approximately 330,000 square feet of production space with six state-of-the-art soundstages, 92,000 square feet of ancillary production support spaces, and 220 below-grade parking spaces. When completed, Bungalow Projects’ current portfolio will include ten soundstages and represent approximately 555,000 square feet.
“We are excited to continue to expand our studio portfolio with Bain Capital and believe Wolcott, with its market-leading specs and location in Red Hook’s vibrant creative community, will be a great addition to New York’s content production ecosystem,” Feehan said.
“Our goal is to develop best-in-class, purpose-built soundstages in highly amenitized neighborhoods of Brooklyn such as Red Hook and Bushwick, and we believe Wolcott fits well within our portfolio alongside our Moore project,” Yu added.
Bungalow Projects and Bain Capital formed a partnership focused on investing in and developing sustainable and cutting-edge production hubs in New York City. The New York production hubs will be part of the Echelon brand portfolio. Echelon is a dedicated content media real estate brand that aims to foster an environment that accentuates the creative process for the most discerning content creators in key production hubs such as Los Angeles and New York. Bain Capital is developing approximately 1.4 million square feet of purpose-built content creation space in Los Angeles with its local partner Bardas Investment Group. The Los Angeles properties are unified in the Echelon portfolio.
“We are thrilled to partner with the experienced team at Bungalow Projects to expand our media content presence on the East Coast and provide New York with the right production space to support the industry as it continues to grow over the next 100 years,” said Joe Marconi, a partner at Bain Capital. “There is a pronounced supply-demand imbalance for high-quality infill purpose-built soundstages in New York, and we believe there will be enduring demand growth for best-in-class production space in New York given its robust and growing creative talent base.”
David Behin at Newmark helped Bungalow Projects arrange its off-market acquisition of the property.
