Hudson Pacific and
Macerich
will transform the former
Westside Pavilion
mall into a 584,000-square-foot Class A urban creative office campus called One Westside
LOS ANGELES
--(BUSINESS WIRE)--
Hudson Pacific Properties, Inc.
(NYSE: HPP)
and
Macerich
(NYSE: MAC)
today announced that
Google, Inc.
has leased the entirety of their One Westside redevelopment, a planned 584,000-square-foot Class A creative office campus that was formerly part of the
Westside Pavilion
shopping mall in
West Los Angeles
. Google’s approximately 14-year lease term will commence upon completion of construction and build-out of tenant improvements in 2022.
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One Westside, with construction expected to commence later this year, will be a first-of-its-kind conversion from landmark shopping mall to Class A creative office space. Designed by architecture firm Gensler, the project repurposes high ceilings and a multi-level atrium and skylight, allowing for natural light-filled interiors. Up to 150,000-square-foot floorplates provide hyper-flexible open layouts, while 45,000 square feet of expansive exterior terraces and patios with 15-foot wide folding glass walls create a seamless indoor-outdoor environment. The property also features a rooftop amenity space with a garden deck and direct bridge access to the
Landmark Theatre
,
Westside Tavern
restaurant and in-line retail shops.
Victor Coleman
, Chairman and CEO of
Hudson Pacific Properties
, said, “We are thrilled to expand our relationship with Google, and are proud to support this significant phase of their growth. Google’s selection of One Westside demonstrates the strength of the
Los Angeles
tech and media industries, and exemplifies the type of creative office space that is in demand from large tech and media tenants. One Westside also demonstrates Hudson Pacific’s ability to identify and swiftly execute on large-scale and complex investment and adaptive-reuse opportunities to meet that growing demand.”
Tom O’Hern, CEO and Director of
Macerich
, said, “Macerich properties are known for the strength of their markets and unparalleled locations. The fact that Google is taking all available creative office space in this joint project with Hudson Pacific underscores the power of our well-placed real estate.”
RG Kahoe, Google’s
Real Estate Project
Executive for the Southwest, said, “Google’s been a proud member of the
Los Angeles
community since 2003. We’re excited to continue investing in the community as part of Hudson Pacific and Macerich’s adaptive reuse project at One Westside.”
Targeting LEED Silver certification, One Westside is located steps from the Expo Line light rail’s
Westwood/Rancho Park
station and proximate to the
I-405
and
I-10
freeways. The property is immediately adjacent to the residential enclave of
Cheviot Hills
, and less than three miles from the business and residential communities of
Century City
,
Westwood
,
Culver City
,
Mar Vista
and
Brentwood
.
One Westside is owned in a joint venture formed in
March 2018
by Hudson Pacific and
Macerich
. Hudson Pacific owns 75% of the venture and serves as the managing member and the property’s day-to-day operator and developer, and
Macerich
owns the remaining 25%. The joint venture also owns and will continue to operate 96,000 square feet of adjacent entertainment and retail space at
10850 Pico Boulevard
.
About
Hudson Pacific Properties
Hudson Pacific Properties
is a visionary real estate investment trust that owns and operates more than 17 million square feet of marquee office and studio properties. Focused on premier
West Coast
epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber,
NFL Enterprises
and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP, and listed as a component of the Russell 2000® and the Russell 3000® indices. For more information visit
HudsonPacificProperties.com
.
About
Macerich
Macerich
, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout
the United States
.
Macerich
currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
Macerich
specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence on the
West Coast
,
Arizona
,
Chicago
and the Metro New York to
Washington, DC
corridor. A recognized leader in sustainability,
Macerich
has earned Nareit's prestigious "Leader in the Light" award every year from 2014-2018. Additional information about
Macerich
can be obtained from the company's website at
www.macerich.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 companies’ control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the companies’ good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the companies disclaim 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 companies’ future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the companies’ Annual Report on Form 10-K for the year ended
December 31, 2017
filed with the
Securities and Exchange Commission
, or
SEC
and other risks described in documents subsequently filed by the companies from time to time with the
SEC
.
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Hudson Pacific Properties
Laura Campbell
Senior Vice President, Investor Relations & Marketing
(310) 622-1702
lcampbell@hudsonppi.com
Macerich
Karen Maurer
Assistant Vice President, Corporate Communications
(602) 953-6471
karen.maurer@macerich.com
Source:
Hudson Pacific Properties