Hudson Pacific Properties, Inc. Announces Tenant Exercises Option to Lease 81,354 Square Feet of Add
Hudson Pacific Properties, Inc. Announces Tenant Exercises Option to Lease 81,354 Square Feet of Additional Space at 1455 Market Street
LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (the "Company") (NYS: HPP) today announced that Square Inc., a leading electronic payment service provider that enables credit card payments through mobile devices, has exercised its option to lease an additional 81,354 square feet of space at the Company's 1455 Market Street property in San Francisco. In November 2012, Square signed a lease encompassing 246,078 square feet of initial occupancy at 1455 Market Street, with the 81,354 square foot expansion option.
Today's announcement brings Square's lease at 1455 Market to a total of 327,432 square feet of occupancy. 181,805 square feet is scheduled for commencement in March, 2013, 15,741 square feet is scheduled for commencement in July, 2013, and the remaining 129,886 square feet is scheduled for commencement in early 2014. The lease backfills 238,367 square feet of space currently occupied by the project's largest tenant.
1455 Market Street is a 1,012,012 square foot, 22-story, Class-A office building situated on 3.01 acres and located in the dynamic Mid-Market submarket of San Francisco, which is fast becoming one of San Francisco's newest technology and business hubs. 1455 Market is in close proximity to both Twitter's new corporate headquarters and to some of San Francisco's largest government and cultural institutions.
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. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay.
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 Tenant Exercises Option to Lease 81,354 Square Feet of Additional Space at 1455 Market Street originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.