Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) has completed the $90 million acquisition of 901 Market Street located at the crossroads of the Union Square and South of Market (SOMA) submarkets in San Francisco. The company had previously announced it had entered into a purchase agreement to acquire the property last month.
901 Market is an approximately 212,000 square foot historic landmark building consisting of approximately 149,000 square feet of office space and 63,000 square feet of ground floor and lower level retail space. Located adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance, the property enjoys prominent visibility and access to Union Square’s retail visitors and offers convenient amenities that are important to attracting San Francisco’s burgeoning technology and social media-oriented tenants. 901 Market is approximately 62% leased to a diverse tenant base, affording the Company the opportunity to significantly enhance future income by capitalizing on the favorable market conditions throughout San Francisco.
“We are very pleased to close the acquisition of the 901 Market Street property,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “901 Market Street is a great complement to our San Francisco portfolio and represents a tremendous opportunity to reposition a property in one of the best locations and best markets in the country.”
About Hudson Pacific PropertiesHudson 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 4.7 million square feet, not including undeveloped land that the company believes can support an additional 1.4 million square feet, and will consist of approximately 5.0 million square feet, not including undeveloped land, upon completion of the pending acquisition of the previously announced Olympic Bundy Media Campus. 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. Forward-Looking Statements 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.
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