Hackman buys Hudson’s development rights for Culver City creative office project

The 110K sf development will have retail, restaurants and public parking

Dec.December 07, 2016 06:00 PM

Hackman Capital Partners is on a Westside roll.

The firm closed on Hudson Pacific Properties’ development rights for the parcel at 9300 Culver Boulevard on Tuesday, taking over a contract with Culver City to build out a 110,000-square-foot complex of offices, retail, and restaurants, The Real Deal has learned.

The price of the deal was not disclosed, but Todd Tipton, Culver City’s project lead on the redevelopment of the publicly owned parcel, confirmed Hudson was the seller and Hackman the buyer. Development is slated to begin in 2017, according to the city’s website.

The acquisition of the site between Trader Joe’s and the Culver Hotel is an expansion move for Hackman as the firm further extends its Downtown Culver City presence. The highly visible triangle block sits directly across from Hackman’s Culver Studios, a legendary site where classic films such as “Gone With The Wind” and popular television shows such as “Scrubs” were filmed.

According to CoStar, McDevitt Company will manage the leasing.

The parcel itself is owned by the Successor Agency to the Culver City Redevelopment Agency, making it the legal property of the California State Controller’s Office. Hudson, along with Combined Properties, won the redevelopment rights in a 2012 Culver City Council vote, with Ehrlich Architects — which completed the redesign of the nearby Kirk Douglas Theatre — on board to design.

According to Combined Properties’ website, the development was dubbed the Culver Steps and included four stories of office totaling 65,000 square feet, as well as 45,000 square feet of retail. The grounds will also include a 10,000 square foot plaza, 230 on-site subterranean parking spaces and an additional 320 spaces in an adjacent lot.

How those plans could change, and whether McDevitt will still broker the leases, has not been revealed by Hackman. A press representative for the firm declined to comment, while Hudson did not respond to requests for comment.

Hackman has long been bullish on Culver City with a portfolio of prominent projects in the area. Another significant entertainment acquisition was Hackman’s Beats by Dr. Dre purchase, two buildings bought in 2007 for $25.3 million, and then sold in 2015 for $110 million.

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