LOS, ANGELES, CA (January 22, 2020)—The Hoyt Organization announced today that Sephora will be joining Philz Coffee and Salt & Straw in the line-up at The Culver Steps. The transformative downtown Culver City development features 45,000 of curated retail space, 80,000 square feet of creative office space, a nearly acre-sized public plaza and a two-level subterranean parking structure. Amazon Studios moved into the entirety of the office portion of the four-story building in mid-July.
The Paris-based beauty giant, Sephora, has signed a 4,147 square-foot lease for anchor retail space at the project. Along with Sephora, San Francisco-based Philz Coffee and Portland ice cream export Salt & Straw have signed leases. Lee Shapiro and Christine Deschaine of Kennedy Wilson’s Property Services division brokered the deals.
“Culver City is booming, and The Culver Steps creates a dynamic town square feeling—an open, pedestrian-friendly, urban hub for shopping and dining,” said Mike Racine, Hackman Capital’s senior vice president of asset management. “Sephora, Philz Coffee and Salt & Straw are exceptional retailers with offerings that will contribute to The Culver Steps’ appeal as a vital gathering place for the entire community.”
Hackman Capital previously announced leases with Amazon Studios for the entirety of The Culver Steps’ 80,000 square-foot, four-story office component, and for approximately 550,000 square feet at the adjacent Culver Studios project, currently under development. CorePower Yoga and Mendocino Farms leases were also announced in fall 2019.
“We are excited that Sephora has chosen The Culver Steps for its flagship in the area,” said Lee Shapiro, executive vice president and director of retail brokerage at Kennedy Wilson. “In a submarket known for its restaurants and entertainment, the Sephora deal is a sign that downtown Culver City is a desirable location for larger, non-food uses. It demonstrates a belief in the market by prominent, credit retailers and validates the story we have been telling about the future opportunity in downtown Culver City.”
Sephora’s addition to the project aligns with recent trends suggesting cosmetics may be poised as the next driving force for large-format brick and mortar. Just last October, Nordstrom opened a 320,000-square-foot flagship store featuring a two-story beauty department on Billionaire’s Row in Manhattan.
“There will always be a preference by consumers to purchase certain beauty products in-store,” said Christine Deschaine, senior vice president of brokerage at Kennedy Wilson. “Cosmetics are personal and, in general, people want to try them before buying. Sephora’s store format and trained staff are designed to enhance that experience.”
“We are excited to welcome these valued tenants to The Culver Steps and look forward to announcing additional restaurants, retailers, and services in the coming months,” said Racine.