Hackman Capital, a privately held investment company, announced today its acquisition of 3644 Eastham Dr., a 13,704 square foot building in the Hayden Tract.
The building is one of seven Culver City properties in the company's portfolio, a portfolio Hackman Capital still plans to expand.
“We believe in Culver City,” said Michael Hackman, founder and CEO of the privately held 25-year-old real estate investment firm. “The area is a progressive and rapidly growing destination for businesses, especially those in the creative industries. We want to expand our footprint here.”
Based in Los Angeles, Hackman Capital has been investing in industrial and office real estate since 1986. Although the company and its affiliates have a large national presence, with more than 56 properties across the country, Hackman Capital is actively implementing one of its primary investment strategies—targeting acquisition opportunities in Southern California, Culver City and the Hayden Tract.
“We heard about the opportunity at Eastham Drive because the building is in such close proximity to properties we currently own in the Hayden Tract,” Mr. Hackman said. “When you're active in an area, you get leads.”
He said a natural synergy exists among the neighboring buildings.
Renovation Intentions
“We already have plans in the works to renovate our properties at the corner of Hayden Place and Higuera Street,” Mr. Hackman explained. Those plans eventually will result in an ultra-modern, 120,000-square foot creative office complex, with the addition of a free-standing, five-story parking garage, plus surface parking. “Now we also plan to transform the Eastham building into creative office space.”
To design the space at Eastham Drive, Hackman Capital has engaged Abramson Teiger, an award-winning Culver City architectural firm based. Initial plans have been drawn to leverage the best features of the original building, built in 1949 for light manufacturing, including a striking wooden-bow truss roof.
Architects also suggest removing an area at the front of the building to accommodate executive and visitor parking, and creating a mezzanine over the parking area, which will increase the total building area to approximately 14,500 square feet.
“Implementing both the Eastham and Hayden- Higuera redevelopment projects, simultaneously, allows us to better address market demand,” Mr. Hackman said. “For example, our Hayden- Higuera project will create parking for over 700 cars—that's parking availability that can be shared with Eastham Drive tenants.”
It may be too soon to know other amenities tenants may share between the two office complexes. But, as Mr. Hackman says, one thing is for certain. “Our goal is to enhance the vitality of Culver City's art- and commerce-driven community. By providing newly renovated, creative office spaces, we bring creative businesses to the area and, in turn, increase revenues for the city.”
Founded in 1986, Hackman Capital has extensive experience in the acquisition and redevelopment of industrial and office properties in multiple up and down markets, and has acquired or developed more than a billion dollars of property on behalf of itself and its affiliates.
Core capabilities include property and asset management, construction management, marketing and leasing, finance and administrative functions, legal, compliance and investor relations, as well as asset valuations.
