Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced it has signed a new lease for the entire 275 Brannan Street property located in San Francisco’s dynamic South of Market Area (SoMA).
GitHub, a leading provider of web-based hosting services for software development projects, signed a new long-term, 54,763-square-foot lease for the entire 275 Brannan Street building. 275 Brannan Street is currently vacant and has been under renovation since the Company acquired the property in September 2011. Commencement of the lease with GitHub is scheduled for early April 2013.
“We are pleased to announce the signing of this new lease at 275 Brannan Street with GitHub,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “This brick-and-timber office property generated significant interest from prospective tenants, underscoring its appeal to successful creative technology companies like GitHub. Importantly, starting rents and the early-April 2013 lease commencement are ahead of our original underwriting expectations.”
275 Brannan Street is a three-story, brick-and-timber building containing nearly 55,000 square feet of open, creative office space. Constructed in 1905, the building underwent a partial renovation in 2002 and the Company is currently completing a substantial renovation of the property.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. 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.