Hackman Capital Partners Breaks Ground on The Culver Steps

Hackman Capital Partners Breaks Ground on The Culver Steps

Dynamic Mixed-Use Project to Create New Central Gathering Place for Downtown Culver City

Hackman Capital Partners joined with past and present Culver City elected officials last week to break ground on The Culver Steps, a 1.16-acre mixed-use development planned for the parcel adjacent to The Culver Studios and the Culver Hotel in Downtown Culver City.

Designed by award-winning local firm Ehrlich Yanai Rhee Chaney (EYRC) Architects, the four- story development will consist of approximately 75,000 square feet of cutting-edge creative office space and 40,000 square feet of vibrant retail and restaurant space, and a 35,000-sqaure- foot public plaza destined to become the new central gathering place in Downtown Culver City.

The publicly accessible open space will be integrated with the building along a "grand architectural staircase" that cascades down the side of the building, forming landscaped terraces and seating areas. When completed, the development will create a dynamic, new central gathering place in Downtown Culver City-an open, pedestrian-friendly, urban hub for shopping and dining, plus an outdoor venue for movies, concerts and special events.

"This is a meaningful occasion both for us and the city," said Michael Hackman, founder and CEO of Hackman Capital Partners. "It's an exciting and fitting achievement that in the year we celebrate Culver City's Centennial, we also embark on its future. Today we're breaking ground on The Culver Steps-beginning, together, what will become a vital and treasured landmark in the heart of the city."

That excitement was shared by Jeff Cooper, the mayor of Culver City, and Andy Weissman, who was mayor when the project was first approved in December 2011.

"When complete, The Culver Steps will be the crowning achievement of our Downtown," Cooper said. "With the recent announcement of Amazon Studios' relocation to adjacent Culver Studios, coupled with the energy that already exists in the area with the nearby movie theaters,

Kirk Douglas Theater, restaurants and Culver Hotel, this project with its expansive public open space is certain to function as the heart of Downtown Culver City and create a welcoming environment for all to enjoy."

The ground-breaking ceremony marks an important milestone for a project that was first approved by the Culver City City Council nearly six years ago. The dissolution of redevelopment agencies statewide in 2013 set back the project, causing a multi-year delay. In 2016, a Hackman Capital affiliate acquired the development rights to the project site and closed on its purchase just last month.

Since then the ownership has focused on further refining the building design, enhancing the open space and public plaza as a community benefit.

In the design crafted by EYRC Architects, the ground level will be dedicated to retail space and the upper three floors for creative offices. The exterior of the building will be clad in charcoal- colored brick and steel to complement the historic structures surrounding it. Inside, the spaces will have glass doors that slide and roll up to take advantage of the Southern California climate and fuse indoor and outdoor activities into a cohesive garden environment. When complete, the project will create synergy with The Culver Studios Mansion and the Culver Hotel, adjacent landmarks that bookend the project site.

"As a longtime community stakeholder, Hackman Capital really has demonstrated a thorough understanding of this city and about what will work best for this important site at the heart of Downtown," Weissman said. "Under their stewardship, they've honed what was already a terrific project and turned it into something that will be truly spectacular."

"When the opportunity arose to acquire the project, long contemplated as part of Culver City's redevelopment plan we jumped at the chance to further invest in a town we've come to love," Hackman said. "The Culver Steps is truly unique, and we are excited by the opportunity to bring this project to life."

Construction is projected to take 18 months to complete, with opening of The Culver Steps projected to occur in 2019.

ABOUT HACKMAN CAPITAL PARTNERS

Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. 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. More than 6.2 million square feet of those properties have been located in California.

In addition to The Culver Steps, the company's most notable Culver City projects include The Culver Studios, a 14.3-acre media studio campus and future home of Amazon Studios, the Beats/Apple Southern California headquarters, and Westwood One Studios. Other projects currently underway include a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles, and a creative campus conversion of 550,000-square-foot of existing industrial and office buildings on 30 acres in El Segundo, which is slated to break ground in early 2018.