Hudson Pacific Properties

Hudson Pacific Properties is a real estate investment trust with 15.6 million square feet of office buildings, 1.2 million square feet of sound stages, and undeveloped rights for 3.2 million square feet of additional commercial property.[1] Its properties are on the West Coast of the United States and Vancouver.[1] It is organized in Maryland and headquartered in Los Angeles.[1] It is the largest independent operator of sound stages in Los Angeles.[2][3]

Hudson Pacific Properties, Inc.
TypePublic company
IndustryReal estate investment trust
Founded2009 (2009)
FounderVictor J. Coleman
HeadquartersLos Angeles, California, U.S.
Key people
 Victor J. Coleman, Chairman & CEO
Mark T. Lammas, CFO
Revenue US$804 million (2020)
US$1 million (2020)
Total assets US$8.350 billion (2020)
Total equity US$3.967 billion (2020)
Number of employees
375 (2020)
Websitehudsonpacificproperties.com
Footnotes / references
[1]

In 2020, the company's 10 largest tenants were Google (8.6% of revenues), Netflix (4.2% of revenues), Nutanix (3.2% of revenues), Riot Games (3.1% of revenues), Qualcomm (2.6% of revenues), Salesforce (2.5% of revenues), Amazon (2.4% of revenues), Square, Inc. (2.3% of revenues), Dell (2.2% of revenues), and Uber (1.7% of revenues).[1]

History

The company was founded as Hudson Capital by Victor J. Coleman.[3] In 2007, Hudson Capital purchased Sunset Gower Studios and in 2008 purchased Sunset Bronson Studios.[4] Hudson Capital was reformed as Hudson Pacific Properties in 2009[3][1] and on June 29, 2010, the company became a public company via an initial public offering.[1]

In December 2014, the company acquired 26 properties in Northern California from The Blackstone Group's EQ Office for $3.5 billion.[5] This made Hudson Pacific the largest publicly traded owner-operator of office space in Silicon Valley.[6] In 2017 the company bought Sunset Las Palmas Studios.[4]

In March 2019, in a joint venture with funds managed by The Blackstone Group, the company acquired Bentall Centre, Vancouver.[7] Later in the year Hudson Pacific finished construction on Epic, the first office tower in Los Angeles to include solar energy-generating technology in the building’s walls.[8] In January 2019, the company leased One Westside, formerly known as the Westside Pavilion, to Google.[9]

In June 2020, funds managed by The Blackstone Group acquired a 49% stake in several properties owned by the company.[10][11]

References
  1. "Hudson Pacific Properties, Inc. 2020 FORM 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "L.A.'s Film and TV Production Boom Fuels Real Estate Grab". The Hollywood Reporter. December 19, 2018.
  3. Madans, Hannah (July 6, 2020). "Hudson Pacific Founder Coleman Continues to Make His Mark". Los Angeles Business Journal.
  4. Vincent, Roger (June 29, 2020). "Hudson Pacific sells share of Hollywood studios to Blackstone". Los Angeles Times.
  5. Karmin, Craig (December 7, 2014). "Blackstone to Sell California Buildings for $3.5 Billion". The Wall Street Journal.
  6. Donato-Weinstein, Nathan (December 8, 2014). "Meet Hudson Pacific Properties, Silicon Valley's new office giant". American City Business Journals.
  7. Stiles, Marc (March 27, 2019). "Hudson Pacific, Blackstone join forces to go into Vancouver, BC, market". American City Business Journals.
  8. Cowan, Jill (December 2, 2019). "Why the Star of a Big Hollywood Development Is the Sun". The New York Times. ISSN 0362-4331.
  9. Vincent, Roger (January 8, 2019). "Google leases Westside Pavilion as former shopping mecca transforms into tech offices". Los Angeles Times.
  10. CORNFIELD, GREG (June 29, 2020). "Blackstone Acquires Stake in Hudson's $1.7B LA Film Studio Portfolio". Observer Media.
  11. Baltic, Scott (June 30, 2020). "Blackstone Takes Co-Starring Role in $1.7B Hollywood Portfolio". Commercial Property Executive.
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