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Hudson Pacific Properties Announces Plan To Reposition Santa Monica Property at 604 Arizona Avenue


Hudson Pacific Properties, Inc. (HPP) today announced it plans to reposition its 44,000-square-foot office building at 604 Arizona Avenue in Santa Monica.

Hudson Pacific intends to spend approximately $1.4 million on interior and exterior improvements now that it has recaptured the space from a single-tenant occupant after it failed to pay rent earlier this year. Hudson Pacific expects the renovation to take several months, but has hired third party brokers and begun to market the project in anticipation of releasing it in early 2018.

“604 Arizona is an opportunity for Hudson Pacific to transform a property with expiring rents 25% to 35% below market and attract a single, high-quality tenant,” said Victor Coleman, Chairman and CEO of Hudson Pacific Properties. “In Santa Monica, demand is strong for top-tier creative office space, and our leasing team is already in discussions with prospective tenants.”

604 Arizona Avenue is a three-story office property built in 1950 and renovated in 1995 and 2005. The building was designed by the well-known local architectural firm, AC Martin. Located near leading technology, media and entertainment companies, the property is three blocks from Third Street Promenade's restaurants and retail. It is also walking distance to the Downtown Santa Monica LA Metro Expo Line station and close to the 10 Freeway and the Pacific Coast Highway (PCH).

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 Pacific 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 Pacific has strategically assembled a portfolio totaling over 17 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 leading growth companies, many in the technology, media and entertainment sectors. As a long-term owner, Hudson Pacific prioritizes tenant satisfaction and retention, providing highly customized build-outs and working proactively to accommodate tenants’ growth. Hudson Pacific trades as a component of the Russell 2000® and the Russell 3000® indices. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

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