Independent Studio Led by Teddy Schwarzman Expands Westside Footprint
Black Bear, the independent studio led by producer Teddy Schwarzman, has been identified as the buyer of the former Bad Robot headquarters in Santa Monica, according to a source in reporting from The Real Deal.
Schwarzman’s company paid roughly $31 million for the brick building, which previously housed J.J. Abrams’ Bad Robot, The Real Deal reported. Black Bear, whose founder is the son of Blackstone CEO Stephen Schwarzman, already maintains an office less than 10 minutes away at 1739 Berkley Street.
The acquisition comes during a challenging period for the Westside office market. Santa Monica’s vacancy rate is hovering around 26 percent, reflecting one of the softest office environments in years. Despite that backdrop, the deal ranks as one of the area’s largest recent transactions: CBRE data shows it was the second-most expensive office sale in West Los Angeles in the third quarter.
Black Bear produces and finances independent film and television projects, and the new building is expected to serve as an expansion of the company’s growing footprint on the Westside.
