A partnership between Bain Capital Real Estate and Bungalow Projects targeting production studios in the US is adding a 225,000sqft facility to its portfolio.
The venture has acquired 145 Wolcott Street in the Red Hook neighbourhood of Brooklyn in New York for $34m (€31.7m) for a planned facility that will cater to all types of episodic and film production.
Bain Capital, along with its Los Angeles partner Bardas Investment Group, is already developing roughly 1.4m sqft of creative space under the Echelon brand.
The Bungalow Projects and Bain Capital partnership invests in and develops sustainable production hubs in New York City. The New York production hubs will be part of the Echelon content media real estate brand portfolio.
Joe Marconi, a partner at Bain Capital, said: “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.
“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.”
New York City Bungalow Projects, founded in May 2023 and led by co-founders Travis Feehan and Susi Yu, is a real estate investment and development firm established to construct sustainable production hubs. The firm recently closed on its first acquisition of a property located at 215 Moore Street, a 100,000sqft site in Bushwick in Brooklyn.
Feehan said: “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.
Yu said: “Our goal is to develop best-in-class, purpose-built soundstages in highly amenitised neighborhoods of Brooklyn such as Red Hook and Bushwick, and we believe Wolcott fits well within our portfolio alongside our Moore project.”
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