Rentv 12/7/12 Work has begun on a new Culver City project, WorkScapes at the Hayden Tract, a 126k sf creative office campus being developed by Hackman Capital Partners LLC. 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 help meet growing demand for creative office space on Los Angeles' Westside, 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 consist of two-story, loft-like offices, 556 covered parking spaces and about 190 surface parking spaces.
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.
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 today's 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, won't be the only draw. WorkScapes at the Hayden Tract will be one of the area's few campuses that can accommodate tenants seeking contiguous space up to 77k sf—along with the competitive advantage of onsite tenant parking. "A critical under-supply of parking has been the single, greatest limitation to the community's expansion," said Michael Hackman, founder and CEO of Hackman Capital. "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 project's 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 17.8k sf 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 we're generating, we're well on track to achieving our goal," Geller said. Members of Geller's leasing team include First Property's Joel Frank and Derek Scott.
Key companies on the project's development team, in addition to Abramson Teiger Architects are Artifex 10 landscape architects, VCA Engineers, Mars Engineering, Sigma Design & Insight Engineers, Standards Parking, LE Walters general buildings contractors, and Millie and Severson parking garage contractors. Hackman Capital also commissioned artist and sculptor Chris Puzio to create a large and dramatic installation on the front façade of the parking structure to help brand the campus. Development at WorkScapes at the Hayden Tract is expected to be completed by late spring.
*Shared by Jeff Vertun, Scott Steuber & Ted Simpson