Hackman Capital Partners Lists Amazon-Anchored Culver City Mixed-Use Campus for $150 Million

Hackman Capital Partners and Affinius Capital have retained Newmark to sell The Culver Steps, a fully leased, Amazon-anchored mixed-use campus in Culver City, California, with an expected price of approximately $150 million, according to the firms. The listing places the 122,000-square-foot property at 9300 Culver Blvd. at the center of a broader test of investor appetite for office real estate in one of Los Angeles' most closely watched submarkets.

The campus, developed from the ground up in 2019, pairs creative office space — fully leased to Amazon — with a curated retail lineup that includes Erewhon, Sephora, Salt & Straw, Mendocino Farms, CorePower Yoga, Philz Coffee and Yunomi Handroll. At the asking price, the property would trade at roughly $1,230 per square foot.

A "Bull's-Eye" Location in a Bifurcated Office Market

The offering arrives at a pivotal moment for Los Angeles office real estate. While vacancy across the Culver City office submarket has reached a record high of nearly 23%, average asking rents remain around $52 per square foot — placing the neighborhood among the 10 most expensive office submarkets in Los Angeles, according to market commentary cited in connection with the listing.

That divergence reflects a broader bifurcation playing out across the Los Angeles office market, where demand has concentrated in a small number of submarkets — including Culver City, Beverly Hills, Century City and Playa Vista — while older corridors continue to struggle with elevated vacancy and limited leasing activity.

"It's the most core mixed-use offering in Los Angeles right now," said Kevin Shannon, vice chairman at Newmark, who is leading the sale. "It's a trophy product in a bull's-eye location."

Gabriel Brown, a JLL broker active in the Culver City market, described the submarket as functioning less like a conventional office district and more like a dense creative ecosystem. "When you have Apple, Amazon, HBO, Nike and most recently Pinterest planting flags in this location, this kind of brand density really creates an evolution of a market," Brown said. He added that Culver City operates "as a full-scale media ecosystem in this part of town."

Kilroy Realty Corporation Chief Executive Officer Angela Aman noted during the firm's latest earnings call that leasing activity in Culver City was being driven by "a wide variety of users including technology and AI companies," underscoring continued demand from occupiers even as broader office market conditions remain uneven.

Hackman Capital's Culver City Footprint and Strategic Context

The listing represents an opportunity for Hackman Capital Partners to monetize one of its strongest-performing investments in the submarket. The firm, led by Michael Hackman, has assembled one of Culver City's largest portfolios of creative office and studio properties over the past decade, including the adjacent 14-acre Culver Studios campus and the 26-building Culver Media Portfolio in the Hayden Tract.

The Culver Steps sits directly adjacent to the Culver Studios campus, where Amazon MGM Studios also occupies significant space, creating a larger interconnected entertainment and technology footprint for the company's Los Angeles operations.

"We've established the property as a vibrant, mixed-use retail and office destination and, for the community, a go-to spot for shopping, dining and outdoor gathering," said Mike Racine, Hackman's executive vice president of asset management, in a statement to CoStar News. Racine described the listing as "a natural next step for a mature property of this quality."

He also pointed to Hackman's continued presence in the submarket through the Culver Media Portfolio, where the firm said it has "experienced growing leasing momentum and tenant demand from creative and media tenants."

The sale also provides Hackman Capital with an avenue to recycle capital as parts of its broader studio business face pressure from Hollywood's production slowdown. The firm has navigated well-documented challenges at other Los Angeles studio properties, including the Radford Studio Center in Studio City, where it defaulted on roughly $1.1 billion in debt and subsequently ceded control of the property to lenders.

Financing and Deal Structure

The Culver Steps was refinanced in 2024 with a $75 million loan from Deutsche Bank and Wells Fargo. Industry observers noted that the expected sale price would leave substantial equity for the ownership partnership, reflecting both the appreciation of Culver City real estate values and the project's strong leasing performance since its 2019 completion.

Shannon described the downtown Culver City corridor as "the Rodeo Drive of Culver City" and said it remains one of the few Los Angeles office districts where top-tier tenants are still actively competing for space. Brown echoed that sentiment: "Office is not dead. Capital may be cautious, but occupiers are making intelligent long-term bets."

Retail Component and Mixed-Use Demand

The retail component of The Culver Steps has contributed to the property's stability, drawing consistent foot traffic from both office workers and the surrounding community throughout the day. The curated tenant mix — spanning grocery, food and beverage, fitness and beauty — reflects the experiential retail model that underpinned the project's original development thesis.

Retail growth in the broader Culver City neighborhood has continued alongside office expansion. The area has recently attracted high-profile consumer brands, including a new local headquarters for Pop Mart and IKEA's first Los Angeles store, further reinforcing the neighborhood's positioning as a hybrid destination for work, retail and lifestyle spending.

Newmark's Shannon acknowledged that the listing is not without challenges. While office investment activity is rebounding nationally, sales volume in Culver City remains below historical norms, and the property's scale and diverse tenant roster are expected to limit the pool of prospective buyers. Still, the fully occupied status of the campus — backed by Amazon's long-term tenancy and a stable retail income stream — positions the asset as one of the more defensible office and retail offerings currently on the market in Los Angeles.

Racine said Hackman remains a "long-term stakeholder" in Culver City despite the planned disposition of The Culver Steps, citing the firm's continued ownership of the Culver Studios campus and the Culver Media Portfolio as evidence of its ongoing commitment to the submarket.

Sources

Hackman Capital Partners — "Hackman Capital pushes LA pricing with Amazon-anchored 'bull's-eye' block," May 18, 2026