Hudson Pacific Properties’ largest 2021 expiration is Google’s 207,857-square-foot lease at 3400 Hillview in Palo Alto’s Stanford Research Park. But, the seven-year renewal lease is confirmed for December 2021.
“It’s early March and we’ve already successfully addressed our largest 2021 expiration,” said Victor Coleman, chairman and chief executive officer of Hudson Pacific Properties Inc. (HPP). “Based on our strong year-to-date activity in our Peninsula and Valley markets alone, we’ve reduced our remaining expirations for the year to 7.5 percent of our annualized base rent with in-place rents for those leases approximately 20 percent below market. We anticipate this momentum will continue given the demand for content, record venture capital flows, and further economic re-opening and vaccine distributions, all of which will drive growth and more tenants back to the office in our markets.”
Year-to-date, HPP has signed 296,475 square feet of new and renewal deals across the Peninsula and Silicon Valley.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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