Company: HPP
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001104659-25-038079
Chunk: 54

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 54
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 the Board; • Mark T. Lammas, President and Treasurer; • Harout Diramerian, Chief Financial Officer; • Arthur X. Suazo, Executive Vice President, Leasing; and • Drew Gordon, Chief Investment Officer. EXECUTIVE SUMMARY Hudson Pacific Properties, Inc. is the only publicly traded REIT focused on acquiring, transforming, developing, leasing and operating premier real estate and related services demanded by the dynamic and synergistic tech and media industries. Our unique business model has evolved from a traditional office REIT to a dynamic real estate company that provides end-to-end real estate solutions for tech and media tenants. As we continue on this transformative path, we remain committed to deliver long-term value creation for our stockholders. BUSINESS AND PERFORMANCE Key financial and operating performance highlights for the year ended December 31, 2024 include: • Executed on 316 new and renewal leases totaling 2.0 million square feet, nearly 20% higher than 2023, and with new deals comprising 60% of all activity, the highest level since 2019. Significant leases (over 50,000 square feet) included: • 157,000-square-foot new lease with the City and County of San Francisco at 1455 Market with a 21-year term • 83,000-square-foot new direct lease with Salesforce’s sub-tenant at Rincon Center with an approximately three-year term • 82,000 square feet of new and renewal leases with consumer electronics company TDK InvenSense at Concourse with an eight-year term • 54,000-square-foot new lease with a software company at Bentall Centre with an approximately 11‑year term • Completed Sunset Glenoaks, a seven-stage, 241,000-square-foot studio development in Los Angeles, and Washington 1000, a 546,000-square-foot office development in Seattle • Progressed Sunset Pier 94, a six-stage, 232,000-square-foot studio development in Manhattan, set to deliver year-end 2025, with no further equity required from the Company to complete • Purchased for $43.5 million (before prorations and closing costs) our joint venture partner’s 45% ownership interest in 1455 Market in San Francisco, and subsequently signed the aforementioned lease with the City and County of San Francisco, the largest lease signed in downtown since 2021 • Sold one and placed under contract to sell another non-core office asset for a total of $47.8 million (before prorations