Hudson Pacific Properties, Inc. Announces New 236,000 Square Feet Lease at its Rincon Center Property in San Francisco
LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (the "Company") (NYSE: HPP) today announced it has signed a new lease at its Rincon Center property in San Francisco to salesforce.com, the enterprise cloud computing leader that enables companies to connect with customers, partners and employees in entirely new ways.
The new 235,733 square foot long-term lease backfills nearly 200,000 square feet of currently occupied space, including approximately 156,000 square feet occupied by AT&T scheduled to expire on August 31, 2013, and takes an additional approximately 36,000 square feet of currently vacant space. Occupancy under the lease is scheduled to occur in phases through the middle of 2014.
"I am pleased to welcome salesforce.com to the Hudson Pacific family," said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. "This lease represents a long-term commitment from a thriving San Francisco-based technology company. We are very happy with salesforce.com as a tenant and the economics of the deal."
Rincon Center is a mixed-use, two building, 5 & 6 story, Class-A-office and retail property located in San Francisco's South Financial District submarket. The building resides on 3.5 acres and contains approximately 580,850 square feet of Class-A-office and premier retail space. The two office buildings consist of approximately 488,000 square feet of office and approximately 93,000 square feet of indoor and outdoor retail space.
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. For additional information, please visit www.hudsonpacificproperties.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 14, 2012, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
Hudson Pacific Properties, Inc.
Chief Financial Officer
Investor / Media Contact:
Addo Communications, Inc.
KEYWORDS: United States North America California
The article Hudson Pacific Properties, Inc. Announces New 236,000 Square Feet Lease at its Rincon Center Property in San Francisco originally appeared on Fool.com.
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