Bain Capital Real Estate and Bungalow Projects, a real estate development firm focused on creating production hubs for episodic, film and digital content creation, have expanded their production studio portfolio with the acquisition of 145 Wolcott Street in the Red Hook neighborhood of Brooklyn, N.Y., for $34 million.
The planned 225,000-square-foot production facility will feature four soundstages averaging approximately 18,000 square feet each, with clear heights of approximately 40 feet to the grid. 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.
“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,” comments 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.”