Iconic Challenge to Focus on Former Northrop Grumman Site in El Segundo
Tustin, CA (October 19, 2017) – Now celebrating its 20th anniversary, the NAIOP SoCal USC vs. UCLA Real Estate Challenge is a commercial real estate industry tradition bringing together graduate student teams from the Ziman Center of Real Estate at UCLA’s Anderson School of Business and the Lusk Center at USC’s Marshall School of Business and Price School of Public Policy in a head-to-head real estate competition to determine the highest and best use for a unique land site. Each year, the winning school receives bragging rights and the coveted Silver Shovel.
This year’s student challenge will involve eight acres of land at the corner of Maple and Douglas in El Segundo. The land is part of a 30-plus acre site, which contains four buildings totaling approximately 550,000 square feet, owned by a Hackman Capital affiliate. Acquired from Northrup Grumman, the property was part of the global security giant’s 84-acre office, manufacturing and warehouse complex. Hackman Capital Partners will be embarking on plans to convert the existing buildings, which are across from the Los Angeles Laker’s new practice facility and less than a mile from LAX International Airport, into a one-of-a-kind, creative-office campus. The student competition will focus on the eight acres of excess land at the site.
On November 16, the students will present their ideas for the highest and best use of the excess acreage to 12 commercial real estate industry leaders who will award points on their written and oral presentations to determine the winning team. The event, now celebrating its 20th anniversary, will take place at the Omni Hotel in downtown Los Angeles, where the students will also make presentations to a live audience.
“We are thrilled to be part of this competition,” said Michael Racine, vice president, Hackman Capital Partners. “What is happening in El Segundo is exciting, and the conversion of these former aerospace facilities is historic. We look forward to seeing what the graduate students come up with, as well as being able to share more about what is happening in this burgeoning market.”
NAIOP SoCal Real Estate Challenge Chair and Senior Vice President with PMRG Mark Mattis added, “This competition brings so much industry exposure to the students. It’s a real world challenge for both teams who must present and defend their ideas in front of industry leaders from all disciplines of commercial real estate.”
In addition to the student presentations, the Real Estate Challenge will feature commentary on the upcoming USC vs UCLA football game. For more information on event sponsorships and tickets, visit www.naiopsocal.org.
About NAIOP SoCal — NAIOP SoCal is a chapter of NAIOP, the Commercial Real Estate Development Association, and comprises more than 1,000 members serving the counties of Los Angeles and Orange. NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed use real estate, with more than 16,500 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiopsocal.org.
ABOUT HACKMAN CAPITAL PARTNERS — Hackman Capital Partners is a privately held, real estate investment and operating company that focuses on industrial and commercial properties in major U.S. markets. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 10,000 acres of land. More than 6.2 million square feet of those properties have been located in California.
The company’s most notable Southern California development projects include The Culver Studios, a 14.3-acre media studio campus, the Beats/Apple Southern California headquarters and Westwood One Studios, as well as a multi-building creative office conversion in Newport Beach, CA. A creative office conversion is currently underway at 5500 West Jefferson Boulevard in Los Angeles, while The Culver Steps, a 1.16 acre, mixed-use development, will be breaking ground soon at 9300 Culver Boulevard, directly adjacent to The Culver Studios. The El Segundo redevelopment is slated to commence construction in early 2018.