15-year lease extension reaffirms studios’ position as a leading
media and entertainment campus in Hollywood
LOS ANGELES--(BUSINESS WIRE)--
Hudson Pacific Properties (“Hudson” or the “Company”) (NYSE: HPP)
today announced that KTLA-TV has signed an agreement to extend its lease
through 2030 for 94,205 square feet at the Company’s Sunset Bronson
Studios in Hollywood, California. KTLA, one of Los Angeles’ largest
independent television stations, has been headquartered in the office
buildings and stages on the southeast corner of the Sunset Bronson lot
for close to 60 years.
“KTLA has been an integral part of Sunset Bronson’s rich history and a
valued tenant during Hudson’s seven-year ownership,” said Victor J.
Coleman, the Company’s Chairman and Chief Executive Officer. “We are
pleased to continue our relationship with KTLA, as they will complement
a growing roster of leading technology, media and entertainment tenants
located at this next-generation, creative campus.”
“Hudson is transforming KTLA’s location at Sunset Bronson into a
state-of-the-art facility, with a unique combination of offices, stages,
and a long-term plan for other aesthetic, structural and technology
upgrades to the property,” said Don Corsini, KTLA’s President and
General Manager. “This transformation is exciting and will enable KTLA
to continue serving the greater Los Angeles area with innovative and
award-winning local news and syndicated specials.”
“I am delighted that KTLA will remain headquartered on Sunset Bronson’s
historic lot, and view its long-term partnership with Hudson as
significant to Los Angeles’ success in becoming a more business friendly
city,” said Los Angeles Mayor Eric Garcetti. “I commend both Victor and
Don in their efforts to keep KTLA as a Hollywood fixture.”
Situated on 10.6 acres with frontage along Sunset Boulevard, Sunset
Bronson’s legacy footprint consists of 144,084 square feet of sound
stage facilities and 169,638 square feet of support space. KTLA’s lease
renewal and planned renovation of their home since the 1950s coincides
with a number of significant capital projects and improvements
undertaken by Hudson at Sunset Bronson. Last September, Hudson commenced
construction on an approximately 1,600-space parking structure. In
January of this year, Hudson began development of ICON, a
323,000-square-foot state-of-the-art, creative office tower and
90,000-square-foot production facility, with anticipated delivery in the
fourth quarter of 2016.
KTLA was represented by Todd Doney, Paul Stockwell and Adam Seltzer of
CBRE. Hudson was represented by Blake Mirkin of CBRE.
About Hudson Pacific Properties
Hudson Pacific Properties is a vertically-integrated real estate company
focused on acquiring, repositioning, developing and operating
high-quality office and state-of-the-art media and entertainment
properties in select West Coast markets. Hudson invests across
the risk-return spectrum, favoring opportunities where it can employ
leasing, capital investment and management expertise to create
additional value. Founded in 2006 as Hudson Capital, the Company went
public in 2010, electing to be taxed as a real estate investment trust.
Through the years, Hudson has strategically assembled a portfolio of 53
properties totaling approximately 17.3 million square feet, including
land for development, in high-growth, high-barrier-to-entry submarkets
throughout Northern and Southern California and the Pacific Northwest.
The Company is a leading provider of design-forward, next-generation
workspaces for a variety of tenants, with a focus on Fortune 500 and
industry-leading growth companies, many in the technology, media and
entertainment sectors. As a long-term owner, Hudson prioritizes tenant
satisfaction and retention, providing highly-customized build-outs and
working proactively to accommodate tenants’ growth. Hudson trades as a
component of the Russell 2000® and the Russell 3000® indices. For more
information visit 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,
2014 filed with the Securities and Exchange Commission, or SEC, on
March 2, 2015, as amended, and other risks described in documents
subsequently filed by the Company from time to time with the SEC.
Investors/Media:
Hudson Pacific Properties, Inc.
Laura
Campbell
Director, Investor Relations
310.622.1702
lcampbell@hudsonppi.com
Source: Hudson Pacific Properties