September.04.2018
Orrick represented a subsidiary of a Hackman Capital Partners (“Hackman”) sponsored real estate fund on the acquisition of development rights from Hudson Pacific Properties for the city-owned parcel and the subsequent acquisition and construction financing of the parcel at 9300 Culver Blvd. (known as “The Culver Steps”) in the heart of Culver City, Los Angeles.
The 1.16 acre site is located between The Culver Studios historic mansion and bungalows (also owned by Hackman) and the iconic Culver Hotel. Orrick also advised on the related construction financing to further build out the mixed-use development, which includes retail, creative office space and a large public plaza.
“This project has been incredibly exciting to work on through the years. We’re proud to have partnered with Hackman on numerous transactions in Culver City – ranging from joint ventures to acquisitions, dispositions and complex financings,” said Jonathan Roheim, Orrick’s relationship co-partner for Hackman.
Hackman has been focused on the revitalization of the Culver City community for more than a decade, and Orrick had been advising Hackman on the ownership and management for the properties for several years, including the acquisition of the Culver Studios, a complex transaction that involved a capital raise for the acquisition of the property and a concurrent bridge financing, and the sale of the Beats by Dr. Dre corporate headquarters campus. Orrick is currently representing Hackman in the refinancing of The Culver Studios, which is also undergoing major redevelopment that will double its square footage. The renovated studios will offer 720,000 square feet – allowing the Multinational Tech Company (U.S.) to expand and other entertainment companies next-generation creative office and production space.
Hackman was honored for The Culver Steps development project at the 2018 Annual Los Angeles Architectural Awards and received the Under Construction Award. Completion of The Culver Steps development is anticipated for 2019.
In addition to Jonathan Roheim, the Orrick team over the years for these properties has included Nicole Walsh, Dennis Martin, Randolph Perry, Katherine Jones, Daniel Rothberg and Jasmine Tzeng as well as tax partners Grady Bolding and Richard Moore.