Company: HPP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001482512-25-000126
Chunk: 109

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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706 square feet at Ferry Building on April 30, 2067.

6.Salesforce.com expirations at Rincon Center: (i) 83,372 square feet on April 30, 2027 and (ii) 99,006 square feet on October 31, 2028. Salesforce.com currently subleases 182,378 feet at Rincon Center to Twilio Inc. and pays us 50% of cash rents received pursuant to the sublease at a current average of $280,000 per month with annual growth thereafter, in addition to 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 exercised their early termination right at Fourth & Traction for July 2026.

42

Overview 

Business Acquisitions

We had no business acquisitions during the six months ended June 30, 2025.

Property Acquisitions

We had no property acquisitions during the six months ended June 30, 2025.

Property Dispositions

During the six months ended June 30, 2025, the Company sold its Maxwell, Foothill Research Center and 625 Second properties for $46.0 million, $23.0 million and $28.0 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 from these sales was used to repay outstanding amounts on the unsecured revolving credit facility.

43

In Process and Future Development Projects

The following table summarizes the properties currently under construction and future development projects as of June 30, 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 Q4-2024Q1-2027TOTAL546,000 Future Development Pipeline:Los Angeles, CaliforniaSunset Las Palmas Studios—Development(3)StudioHollywood617,581TBDTBDSunset Gower Studios—Development(3)