Includes Google’s 208,000-square-foot renewal lease at 3400 Hillview
Remaining 2021 expirations reduced to 7.5% of Company’s Share ABR
LOS ANGELES–Hudson Pacific Properties, Inc. (“Hudson Pacific”) (NYSE: HPP) today announced that year-to-date it has signed 296,475 square feet of new and renewal deals across the San Francisco Peninsula and Silicon Valley. In doing so, the company addressed its largest 2021 expiration, Google’s 207,857 square-foot lease at 3400 Hillview in Palo Alto’s Stanford Research Park. The seven-year renewal lease will commence in December 2021.
“It’s early March and we’ve already successfully addressed our largest 2021 expiration,” said Victor Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties. “Based on our strong year-to-date activity in our Peninsula and Valley markets alone, we’ve reduced our remaining expirations for the year to 7.5% of our annualized base rent with in-place rents for those leases approximately 20% below market. We anticipate this momentum will continue given the demand for content, record venture capital flows and further economic re-opening and vaccine distributions, all of which will drive growth and more tenants back to the office in our markets.”
In mid-February, during Hudson Pacific’s fourth quarter 2020 earnings call, the company noted an uptick in leasing activity across its markets, citing a notable increase in small tenant activity along the San Francisco Peninsula and in Silicon Valley. The company signed 20 new and renewal leases in the fourth quarter totaling 143,000 square feet collectively in those markets, or about 53% of its total fourth quarter leasing activity.
About Hudson Pacific Properties
Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling nearly 20 million square feet, including land for development. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.