Hudson Pacific Properties, Inc. Announces New 88,134 Square Foot Lease at 1455 Market Street Propert
Hudson Pacific Properties, Inc. Announces New 88,134 Square Foot Lease at 1455 Market Street Property in San Francisco
LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (the "Company") (NYS: HPP) today announced it has signed a new lease at its 1455 Market Street property with Uber Technologies, Inc., a leading provider of affordable luxury transportation through an efficient technology-centered approach.
The new ten-year 88,134 square-foot lease encompasses the entire fourth floor of 1455 Market and backfills space currently occupied by the property's largest tenant that was scheduled to expire in 2017. Commencement of the lease with Uber is scheduled for first quarter 2014.
"I am pleased to welcome Uber Technologies, Inc. to the Hudson family at our 1455 Market Street property," said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. "This lease represents a long-term commitment from a very successful San Francisco-based technology company at starting rents above our underwritten and expiring rents for this same space. We are quite happy to have Uber as a tenant and very pleased with this transaction."
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 has emerged as one of San Francisco's technology and business hubs. 1455 Market is already home to Square Inc. and is in close proximity to 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 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.
Uber Technologies, Inc., is a venture-funded technology company based in San Francisco. The Uber mobile platform connects passengers with drivers of luxury vehicles for hire, delivering the elite transportation experience in an on-demand service. The company was founded by Travis Kalanick and Garrett Camp in 2009, was rated Fast Company's "2013 Most Innovative Company in Mobile," and has rapidly expanded to more than 29 cities internationally today. For more on Uber, visit www.uber.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, 2012 filed with the Securities and Exchange Commission on March 14, 2013, 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.
Mark Lammas, 310-445-5700
Chief Financial Officer
Investor / Media Contact:
Addo Communications, Inc.
Lasse Glassen, 310-829-5400
KEYWORDS: United States North America California
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