Hackman Buys Parcel B
Culver Studios Are Among Hackman Properties
December 22, 2016
Already a major owner of Culver City and Westside Real Estate, Hackman Capital Partners, LLC, a Los-Angeles-based real estate investment firm, announced the company has acquired, through an affiliate, the rights to purchase and develop the 1.16-acre site located at 9300 Culver Boulevard, directly adjacent to The Culver Studios, in the City's vibrant downtown center.
The four-story, mixed-use development will offer approximately 116,000 square feet of rentable space-46,000 square feet of retail and 70,000 square feet of creative office space. In addition, two subterranean levels will provide parking for approximately 230 cars.
Hackman Capital will step into the role of current developers Hudson Pacific and Combined Properties, which sold the development rights, and will begin construction on the approved project during the first quarter of 2017.
The architectural plans for the building were designed by Culver City-based EYRC Architects.
"We're vested in Culver City's ongoing renaissance and thrilled to be part of the community's exciting new chapter," said Michael Hackman, Founder and CEO of Hackman Capital Partners.
According to Hackman, the project will be built around the City's Town Plaza, a paved and landscaped gathering spot, and adjacent to the expansive front lawn of The Culver Studios, which a company affiliate acquired in 2014.
The coordinated management of the two properties will lead to the creation of natural synergies for an open, pedestrian-friendly, urban hub for shopping and dining-plus an outdoor venue for movies, concerts and other special events.
"The opportunity arose from our discussions with the developers and the City about joint points of entry and exit for this site and Culver Studios," Hackman said. "Discussions evolved-we saw the vision and seized the opportunity to take advantage of the synergies between the two projects for the betterment of the entire Culver City community."
Culver City Chamber of Commerce President and CEO Steven J. Rose commented, "We believe Parcel B and the Culver Studios together as it evolves into a 21st century state of the art studio can only benefit Culver City as we become a world recognized leader in digital media."
Hackman confirmed that the project, long contemplated as part of Culver City's redevelopment plan, has already spurred vast interest from retail and office tenants seeking to call the site their home.
MORE ABOUT HACKMAN CAPITAL PARTNERS
Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses.
Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states-having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land.
The company's most notable Southern California projects include The Culver Studios and seven warehouse conversions to creative office campuses, now home to Westwood One Studios and Apple Computer's Beats by Dre headquarters in the Hayden Tract, as well as a multi-building creative office conversion in Newport Beach.
A creative office conversion also is planned for two recent acquisitions, one at 5500 West Jefferson Boulevard, on the east border of Culver City, and the other, a portion of the Northrop Grumman industrial facility, in El Segundo.
The company is based in Los Angeles with offices in Columbus, Ohio, Chicago, Illinois and Boston, It currently employs more than 80 people.
PR Newswire contributed to this story.