Hudson Pacific Properties, Inc. (HPP), a real estate investment trust (:REIT), inked a lease expansion and extension deal with NFL Media for 2 properties in South Calif. – 10900 and 10950 Washington. According to the agreement, NFL Media will occupy an additional 22,221 square feet of space at the properties, with effect from this July through the middle of 2017.
10900 and 10950 Washington properties are located in Culver City – one of West Los Angeles’ premier entertainment business districts. Both the properties collectively span a total of 168,943 square feet on 5.5 acres. NFL Media is currently the major tenant at both the properties.
The lease extension transaction is expected to enhance Hudson Pacific’s relationship with its existing strong media and entertainment tenant. It will augment occupancy levels and boost the rental revenue growth going forward.
Hudson Pacific is focused on the ownership, operation and acquisition of high-quality office properties and state-of-the-art media and entertainment properties primarily in North and South Calif. In keeping with this, the company mostly targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in markets such as Los Angeles, Orange County, San Diego and San Francisco. As of Mar 31, 2013, Hudson Pacific's portfolio consists of properties spanning approximately 5.0 million square feet of space.
Hudson Pacific currently carries a Zacks Rank #3 (Hold). Other REITs that are performing better and are worth a look include DCT Industrial Trust Inc. (DCT), Host Hotels & Resorts Inc. (HST) and CubeSmart (CUBE), all of which a Zacks Rank #2 (Buy).
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