Hackman Capital Partners and Affinius Capital are shopping the mixed-use campus Culver Steps, according to an offering viewed by The Real Deal.
The sellers chose Newmark to market the completely leased campus at 9300 Culver Boulevard. The downtown Culver City real estate is about 122,000 square feet, was completed in 2019 and is mostly office with some retail.
The office space is occupied by Amazon Studios, and its lease doesn’t mature until July 2031. Plus, it’s part of a larger Amazon footprint in Culver City — Amazon MGM Studios occupies space at Hackman’s Culver Studios, too. The retail portion counts Erewhon, Salt & Straw, Mendocino Farms and more fan-favorites as tenants. Erewhon, which is the anchor, has a lease agreement until May 2038, per the marketing materials.
Green Street News’ Real Estate Alert put a $150 million rumored price tag on the offering, which means a deal could come out to about $1,230 per square foot.
That’s a premium price and not bad at all for Michael Hackman, whose company has seen better days. Hackman defaulted on a billion dollar mortgage on Radford Studio Center earlier this year, then lost it to a Goldman Sachs-led lending syndicate, which is now in talks with Netflix — who could purchase the lot for less than $400 million. That is nowhere near Hackman’s almost $2 billion purchase price five years ago. Hackman is in trouble in New York, too.
That’s par for the course for studios right now though — and their owners. Whether it’s Hackman or Hudson Pacific Properties, the industry is feeling the pain of Los Angeles’ production slowdown. L.A. film and television shoot days hit a new low of less than 20,000 last year.
Culver City is a hub for technology and media companies, such as Apple, Sony, Hulu and HBO — but has still seen softer demand when it comes to offices. Culver City’s office sector has a more than 30 percent vacancy rate, per Colliers’ latest data.
Hackman and Affinius landed a $75 million refinance loan on Culver Steps in August 2024. It was a five-year loan issued by Deutsche Bank and Wells Fargo, meaning the debt comes due in three years.
Hackman did not immediately respond to a request for comment; Affinius and Newmark declined.
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