Investment firm Hackman Capital Partners has emerged as the winning bidder for CBS Corp.'s Los Angeles studio lot, Bloomberg News reported, citing people familiar with the matter.

The sources, who asked not to be identified as the sale process was private, told the news outlet that CBS would maintain its production facilities on the site after the sale.

Real estate brokers had told the Los Angeles Times in 2017 that the 25-acre CBS Television City property could sell for between $500 million and $750 million, Bloomberg noted.

The property also offers development potential for new residential high-rises while the studio space is maintained, the Oct. 16 report added. The transaction has yet to close.

A CBS representative declined to comment and Hackman did not respond to requests for comment from Bloomberg.