Company: HPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001482512-25-000043
Chunk: 7

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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% of cash rents received pursuant to the sublease, or an average of $340,000 per month with annual growth thereafter, in addition to 

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contractual base rent.

7.Dell EMC Corporation expirations: (i) 83,549 square feet at 875 Howard on June 30, 2026 and (ii) 46,472 square feet at 505 First on January 31, 2027.

8.PayPal, Inc. has an early termination right at Fourth & Traction in July 2026.

9.TDK Corporation of America/Invensense expirations at Concourse: (i) 86,534 square feet on April 30, 2025 and (ii) 52,802 square feet on April 30, 2033.

Overview 

Business Acquisitions

We had no business acquisitions during the three months ended March 31, 2025.

Property Acquisitions

We had no property acquisitions during the three months ended March 31, 2025.

Property Dispositions

During the three months ended March 31, 2025, the Company sold its Maxwell and Foothill Research Center properties for $46.0 million and $23.0 million, respectively. See Part I, Item 1 “Note 3 to the Consolidated Financial Statements—Investment in Real Estate” for details. A portion of the net proceeds of these sales was used to repay outstanding amounts on the unsecured revolving credit facility.

Held for Sale

As of March 31, 2025, the Company had one property classified as held for sale—625 Second—as this property was considered non-strategic to the Company’s portfolio. See Part I, Item 1 “Note 3 to the Consolidated Financial Statements—Investment in Real Estate” for more detail.

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In Process and Future Development Projects

The following table summarizes the properties currently under construction and future development projects as of March 31, 2025: 

TypeSubmarketEstimated Square Feet(1)Estimated Completion DateEstimated Stabilization DateUnder Construction:New York, New YorkSunset Pier 94 Studios(2)StudioManhattan232,000 Q4-2025Q3-2026TOTAL232,000 Recently Completed:Seattle, WashingtonWashington 1000OfficeDenny Triangle546,000 Q4-2024Q4-2026TOTAL546,000 Future Development Pipeline:Los Angeles, CaliforniaSunset Las Palmas