Capstone South Sells Third Rail Studios
Wednesday, September 15th, 2021
After six incredibly successful years of strong occupancy, hosting media giants such as Warner Brothers, NBC, Netflix and more, Third Rail Studios is now under the new ownership of Gray Television upon the finalization of a deal this week.
“We set out to make Third Rail Studios a special, welcoming place for our productions as well as a catalyst for good in the community. We’re happy that we’ve exceeded those goals and are passing the torch on a high note,” said Third Rail Studios President, Dan Rosenfelt.
As the first brick was laid down for construction, Third Rail Studios became a stimulant for change in the Doraville community. The film center sparked economic development and provided high paying jobs in the area, gave a significant amount of funding back to the state and surrounding communities in terms of charity, service and education, and was the first vertical development at the Assembly – supporting the city’s tax base to pay for local roads and streets.
"As one of the owners and developer of Third Rail Studios, I am proud of what Dan and I accomplished over the last six years. Not only was Third Rail a successful real estate investment, but it drove economic activity and job creation both locally and for the state of Georgia,” said Capstone South President, Michael Hahn. “When I first become involved in film studio development in 2012, I never dreamt that the industry would mature and flourish the way it has. I’ve witnessed not only film and television physical production become firmly established in Georgia, but an entire film and television industry grow around the stage infrastructure. It will be exciting to see what the next ten years brings to Georgia in terms of jobs and additional economic activity.”
Capstone South and Third Rail Studios will be leaving Gray Television in a very advantageous position, passing on the studio after already finalizing a strategic partnership deal with Apple.
“Dan and Michael have a track record of leveraging their business prowess in the film industry to bring jobs and development to DeKalb County. Following the sale of Third Rail Studios, I am confident that DeKalb County will continue to benefit in terms of jobs and overall growth thanks to their proven entrepreneurial track record. We are looking forward to seeing what’s ahead,” added Dekalb County Commissioner Robert Patrick, District 1.
Rosenfelt and Hahn have also formed a new studio development and operations partnership. They plan to continue to use their extensive network to bring unique film and television development projects to Georgia.