Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today
announced it has signed a new lease for its entire Element LA office
campus located in West Los Angeles.
Riot Games, Inc., a developer and publisher of premium, competitive
online games, signed a new 15-year, 284,037 square-foot lease for the
entire Element LA office campus located in West Los Angeles. Element LA
is comprised of 12.19 acres, with five buildings totaling approximately
284,037 square feet, along with a 5-story parking garage. The property
is currently undergoing renovation and redevelopment for the purpose of
creating a productive and creativity-enhancing workspace that is
critical to Riot Games, a company that was recently named one of the 50
Best Small and Medium-Size Companies to Work for by Fortune Magazine.
Commencement of the lease with Riot Games is scheduled for early in the
second quarter of 2015.
“Riot Games is among Southern California’s cutting-edge new media
companies and is the perfect tenant for West Los Angeles’ premier
creative office campus,” said Victor J. Coleman, Chairman and Chief
Executive Officer of Hudson Pacific Properties, Inc. “Element LA is a
one-of-a-kind property that generated significant interest from
prospective tenants, and we are thrilled to commit the entire project to
a highly successful new media company like Riot Games. We are pleased
with the terms of the lease, which has an early second quarter of 2015
commencement.”
“The signing of this lease exemplifies the growing confidence in Los
Angeles as the destination for innovative businesses,” said Los Angeles
Mayor Eric Garcetti. “As I focus on improving our economy and bringing
back jobs, I am pleased that Riot Games and Hudson Pacific Properties
have shown a commitment to investing in Los Angeles.”
“By creating a more welcoming business climate, and through the use of
smart, transit-oriented planning, we’ve rolled out the welcome mat in
Los Angeles for forward-thinking high-tech companies like Riot Games,”
said Councilmember Mike Bonin, who represents the 11th district. “Hudson
Pacific Properties’ Element LA, located along the Expo Line corridor, is
a great example of creative office planning, and I am thrilled this
lease agreement will bring Riot Games to my district.”
CBRE’s Jeff Pion and Rob Waller represented Hudson Pacific Properties in
the transaction. Riot Games was represented by Matthew Miller of CRESA
and Brad Gross and Bruce Hoffman of DTZ.
About Hudson Pacific Properties
Hudson Pacific Properties,
Inc. is a full-service, vertically integrated real estate company
focused on owning, operating and acquiring high-quality office
properties and state-of-the-art media and entertainment properties in
select growth markets primarily in the Pacific Northwest and Northern
and Southern California. The Company’s strategic investment program
targets high barrier-to-entry, in-fill locations with favorable,
long-term supply-demand characteristics in select target markets,
including Los Angeles, Orange County, San Diego, San Francisco and
Seattle. The Company’s portfolio currently consists of approximately 6.2
million square feet, not including undeveloped land that the Company
believes can support an additional 1.6 million square feet. The Company
has elected to be taxed as a real estate investment trust, or REIT, for
federal income tax purposes. Hudson Pacific Properties is a component of
the Russell 2000® and the Russell 3000® indices. For additional
information, please visit www.hudsonpacificproperties.com.
Forward-Looking Statements
This press release may contain
forward-looking statements within the meaning of the federal securities
laws. Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or trends
and similar expressions concerning matters that are not historical
facts. In some cases, you can identify forward-looking statements by the
use of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” or “potential” or the negative of these words and phrases or
similar words or phrases that are predictions of or indicate future
events or trends and that do not relate solely to historical matters.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are beyond
the Company’s control that may cause actual results to differ
significantly from those expressed in any forward-looking statement. All
forward-looking statements reflect the Company’s good faith beliefs,
assumptions and expectations, but they are not guarantees of future
performance. Furthermore, the Company disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information, data
or methods, future events or other changes. For a further discussion of
these and other factors that could cause the Company’s future results to
differ materially from any forward-looking statements, see the section
entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2012 filed with the Securities and Exchange
Commission on March 14, 2013, and other risks described in documents
subsequently filed by the Company from time to time with the Securities
and Exchange Commission.
Copyright Business Wire 2013