subject: Hackman Capital Breaks Ground On Creative Office Campus In Culver Citys Hayden Tract [print this page] Close of Construction Loan Launches Major Development including New Five-Story Parking Structure by Los-Angeles-Based Real Estate Investment Firm
Hackman Capital Partners, LLC, confirmed today that construction officially began on its Culver City office campus, WorkScapes at the Hayden Tract. The groundbreaking at the site, on Monday of last week, followed the closing of a senior loan obtained from Deutsche Bank for the renovation of the property. Designed to leverage market demand for creative offices with parking allocations in Los Angeles vibrant Westside community, the project features the conversion of three industrial buildings into contemporary offices and the creation of a new five-story parking structure. When construction is completed, WorkScapes at the Hayden Tract will offer 126,400 square feet of two-story, loft-like offices, 556 covered parking spaces and about 190 surface parking spaces.
Were thrilled about this project and excited to have construction underway, said Michael Hackman, founder and CEO of Hackman Capital. According to Hackman, the project reflects an important strategy for the real estate company, which currently owns and operates, through its affiliated entities, more than 100 industrial and office facilities across the country, including many in Southern California. Our company has established a significant national presence, but Southern California is our homeand Culver City and the Hayden Tract remain a primary investment focuse. We are committed to the growth of this community, Hackman said.
Culver City has become appealing to developers, like Hackman Capital, since the community began to evolve as a hub for leading-edge advertising, media, entertainment and technology companies. The formerly industrial Hayden Tract, in particular, now touts some of Los Angeles most visually arresting and innovative architecture. The Hayden Tract is home to the best of the besta tribute to architects and developers who believe in a true partnership of art and commerce, Hackman said.
Hackman Capital retained award-winning architects Abramson Teiger to transform the campus with a new design aesthetic that leverages the industrial feel of the buildings original structural and architectural elements. Raw concrete floors will be brought back to life. Existing roof forms will be exposed to reveal beautifully detailed wood trusses and structural steel beams; and in combination with new oversized windows and skylights, building interiors will be flooded with natural light. Open floor plans will retain an expansive sense of space, ideal for todays collaborative work environments. Building exteriors will gain dynamic new facades, featuring industrial concrete, glass and sculptural steel, while landscaping will feature lush, yet low-water, plant life and multiple outdoor tenant areas with patios, barbeque pits and views of the Culver hills. WorkScapes at the Hayden Tract also will be pet friendly.
Creative office space, however, wont be the only draw. WorkScapes at the Hayden Tract will be one of the areas few campuses that can accommodate tenants seeking contiguous space up to 77,000 square feetalong with the competitive advantage of onsite tenant parking. A critical under-supply of parking has been the single, greatest limitation to the communitys expansion, said Hackman. We were in a unique position to own over four acres of land in the Hayden Tract, and thanks to the support of the city and community, we are able to build a new parking structure, as part of the project. Parking will help attract new business to the area, and in turn, new jobs, which will increase revenues for the city.
In addition, Hackman credits the recently built Expo Line as a factor in attracting tenants to Workscapes at the Hayden Tract. The light rail from Downtown Los Angeles to Santa Monica, has two station stops in Culver City within walking distance to the campus, plus a bike and walking path.
Micheal Geller of First Property Realty Corporation, the projects exclusive listing agent, noted that the campus prime location is a big draw. The parking structure and two of the buildings are situated on the corner of Hayden and Higuera at 8600 Hayden Place and 8550 Higuera Street. The third building is around the corner at 3644 Eastham Drive. Geller began preleasing space at the campus this past summer. The 17,800-square-foot Eastham building is now fully leased, and Geller confirms substantial leasing activity at the remaining two buildings. Our objective is to lease the available space by the time construction is completed, and based on the interest were generating, were well on track to achieving our goal, Geller said. Members of Gellers leasing team include First Propertys Joel Frank and Derek Scott.
