• Portfolio of properties
• National historic district
• Fast tracked completion on occupied site
• 330,000 SF of studio and office space
• Comprehensive due diligence:
o HMIs
o Property condition assessments
o EH&S compliance audits
o Phase I ESAs
• Subsequently retained by client to provide due diligence services at three additional sites on the West Coast and two in the South
GZA conducted comprehensive due diligence for an investment firm purchasing the historic Kaufman Astoria Studios, consisting of five buildings (built between 1910 and 2018) and a parking lot. The studio has been the site of film and television productions including The Wiz, Goodfellas, Sesame Street, Law and Order, and Orange is the New Black. The property was designated a national historic district in 1978; it sits amidst commercial, light industrial, and residential properties.
Challenge
The project was fast-tracked to facilitate the transaction. It required comprehensive due diligence on the entire property–totaling 330,000 square feet of occupied studio and office space–within three weeks.
Solution
GZA was selected based on the firm’s ability to deliver Property Condition Assessments; Phase I Environmental Site Assessments; Environmental, Health & Safety Compliance Audits; and Hazardous Materials Investigations with cross-trained, in-house professionals who collaborated to optimize their productivity on the Site. Studio operations comprise multiple, short-term tenants that build sets for films or television production. Each tenant is responsible for its own waste management, making it challenging to evaluate proper waste handling, management, disposal, and compliance for multiple entities on-site. Safety is another important aspect of production, further complicated by the number of short-term tenants, each responsible for its own leased space. In addition, the investor wanted information on capital costs associated with maintaining and renovating the studio.
Benefit
GZA’s team approach, responsiveness, and expert delivery of multidisciplinary due diligence components exemplified the firm’s “client first” approach and was critical to the fast-paced transaction’s success. Based on our ability to meet the clients needs and produce high quality deliverables, GZA was retained to conduct similar comprehensive due diligence services at additional studio and production spaces nationwide.