One of downtown Culver City’s busiest corners is quietly up for grabs. Hackman Capital Partners and partner Affinius Capital have put The Culver Steps - the Amazon anchored mixed-use block at 9300 Culver Boulevard - on the market with a rumored $150 million price tag. The four-story campus, completed in 2019 and totaling roughly 115,000 to 122,000 square feet, is fully leased and centered on a large Amazon Studios office over street-level restaurants and shops that keep the area humming on weekdays.
Newmark is leading the sale effort on the fully occupied property, according to The Real Deal, which reviewed the offering materials. Brokers who have seen the pitch are talking up a roughly $150 million ask, or about $1,230 per square foot, a premium they say reflects the strength of the Amazon lease and the curated retail tenant mix.
What’s Inside the Block
Marketing materials and the project website outline about 70,000 square feet of creative office space stacked above roughly 40,000 square feet of ground-floor retail and restaurants, with tenants that include Erewhon, Sephora, Mendocino Farms, Salt & Straw and Philz Coffee, according to the property brochure. Those same materials note that Amazon Studios occupies the entire office component, a layout brokers say helps deliver unusually steady weekday foot traffic for downtown Culver City.
Money Matters
Hackman and Affinius refinanced The Culver Steps with a $75 million loan in August 2024, provided by Deutsche Bank and Wells Fargo, according to Traded. The facility carries a five-year term, which leaves several years of leverage on the books. That relatively fresh debt, paired with mounting pressure on Hackman’s broader portfolio, helps explain why the owners might be testing buyer appetite now instead of waiting for sunnier studio and office conditions.
Why This Is Notable
The sale listing lands while Hackman is working through much bigger trouble at Radford Studio Center. The firm defaulted on roughly $1.1 billion of debt at that storied lot earlier this year, and lenders led by Goldman Sachs have taken control of the property, as reported by Bloomberg. Lenders there are reported to be in talks with potential buyers, including Netflix, which the Los Angeles Times says is negotiating a purchase in the low hundreds of millions of dollars, a steep markdown from Radford’s 2021 price.
Market Backdrop
Culver City’s office market has lost some of its sizzle. Colliers and other market trackers peg vacancy in the submarket in the low to mid 20 percent range, while some brokers say select parts of downtown are sitting above 30 percent. Average asking office rents shift by survey and building class, but most reports cluster them around $45 to $55 per square foot, according to market coverage including CoStar.
What Buyers Will Be Buying
Prospective buyers are essentially shopping for long-dated, in-place cash flow. Offering materials and brokers highlight that Amazon’s office lease at the campus runs into the early 2030s, and Erewhon anchors the ground-floor retail with long-term commitments, according to The Real Deal. That stable income story is the core argument for a premium price per square foot in a market where more speculative studio and office plays are being repriced.
Newmark is expected to run a quiet, targeted marketing process, and any sale timeline will hinge on how much appetite investors have for stabilized, retail-anchored office campuses in a softening Westside environment. Whoever steps up will be betting that Amazon and a roster of destination retailers can keep Culver City’s downtown foot traffic strong even as Hollywood’s broader property values wobble.
