LOS ANGELES–Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced it has signed a new lease for the entire 275 Brannan Street property located in San Francisco’s dynamic South of Market Area (SoMA).
GitHub, a leading provider of web-based hosting services for software development projects, signed a new long-term, 54,763-square-foot lease for the entire 275 Brannan Street building. 275 Brannan Street is currently vacant and has been under renovation since the Company acquired the property in September 2011. Commencement of the lease with GitHub is scheduled for early April 2013.
“We are pleased to announce the signing of this new lease at 275 Brannan Street with GitHub,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “This brick-and-timber office property generated significant interest from prospective tenants, underscoring its appeal to successful creative technology companies like GitHub. Importantly, starting rents and the early-April 2013 lease commencement are ahead of our original underwriting expectations.”
275 Brannan Street is a three-story, brick-and-timber building containing nearly 55,000 square feet of open, creative office space. Constructed in 1905, the building underwent a partial renovation in 2002 and the Company is currently completing a substantial renovation of the property.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Company’s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets, including Los Angeles, Orange County, San Diego and San Francisco. The Company’s portfolio currently consists of approximately 5.5 million square feet, not including undeveloped land that the Company believes can support an additional 2.0 million square feet. The Company has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Hudson Pacific Properties is a component of the Russell 2000® and the Russell 3000® indices.