Bungalow Projects and Bain Capital Real Estate Expand Production Studio Portfolio with Acquisition of Red Hook Property for $34 Million
April 29 2024 - 8:15AM
Business Wire
Partnership Planning 225k-SF Production
Facility at 145 Wolcott Street in Brooklyn with Four
State-of-the-Art Soundstages
Bungalow Projects, a real estate development firm focused on
creating production hubs for episodic, film, and digital content
creation, and Bain Capital Real Estate (“Bain Capital”) today
announced the expansion of their production studio portfolio with
the acquisition of 145 Wolcott Street in the Red Hook neighborhood
of Brooklyn, NY 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 is led by co-founders Travis Feehan and Susi
Yu, who 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,” said Mr.
Feehan. “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,” added Ms. Yu.
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.
About Bungalow Projects
Based in New York City and founded in May 2023, Bungalow
Projects is a full-service real estate investment and development
firm pioneering the future of episodic, film, and digital content
creation by constructing sustainable and cutting-edge production
hubs to nurture the world’s creative visionaries. Our thoughtfully
crafted communities will offer the ideal fusion of logistical
efficiency, future-proof infrastructure, welcoming hospitality, and
flexible creative workspaces to satisfy the ever-changing needs of
content producers across all genres. For more information, visit
https://www.bungalowre.com/.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues
investments in often hard-to-access sectors underpinned by enduring
secular trends that drive long-term demand growth for real estate
assets and services. The Bain Capital Real Estate team has been
executing its strategy since 2010 (formerly as a part of Harvard
Management Company), having invested and committed over $7.7
billion of equity across multiple sectors. Bain Capital Real Estate
focuses on assets where the team applies its deep industry
expertise to accelerate impact and drive operational improvements.
Bain Capital Real Estate’s strategy aligns with the value-added
investment approach that Bain Capital pioneered and leverages the
firm’s global platform and significant experience across asset
classes to further bolster its insights and sourcing capabilities.
Bain Capital is one of the world’s leading private investment firms
with approximately $185 billion of assets under management. For
more information, visit https://www.baincapitalrealestate.com/.
About Echelon
Echelon is a dedicated content and media real estate brand with
a meaningful presence in both Los Angeles and New York that
leverages its owners’ deep experience and global breadth to create
environments focused on meeting the needs of the media industry’s
most distinguished and creative users. Essential to Echelon is its
hospitality core that provides an elevated environment in
partnership with its tenants to cultivate the highest level of
creativity.
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Media Contact:
Scott Lessne Stanton (646) 502-3569 slessne@stantonprm.com