LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (“Hudson” or the “Company”) (NYSE: HPP) held a celebratory groundbreaking today for ICON, its nearly $200 million state-of-the-art, creative office tower located on the 10.6-acre Sunset Bronson Studios lot on Sunset Boulevard in Hollywood. Los Angeles Mayor Eric Garcetti and City Councilman Mitch O’Farrell joined Hudson’s senior management, as well as other business and civic leaders, at the construction site for the event.
“ICON will be the culmination of our efforts to transform the landmark Sunset Bronson Studios into the country’s premier next-generation media and entertainment campus,” said Victor J. Coleman, the Company’s Chairman and CEO. “The project affords industry leading companies a unique opportunity to have it all – innovative architecture, sustainable design and immediate access to top-of-the-line sound stages and production facilities at the center of the world’s entertainment capital.”
“Hollywood is entering a new Golden Age of film production,” said Mayor Garcetti. “Tech, media and production companies will fill the floors of Hudson’s ICON office tower and the larger Sunset Bronson expansion and make ICON a microcosm of L.A.'s diverse creative economy. What's better? The project alone will create 520 construction jobs, benefiting Angelenos across our city.”
McCarthy is the general contractor for the project, which is slated for completion in late 2016. The entire development will consist of a 14-story, 323,000-square-foot office tower, a six-story, 90,000-square-foot adjacent creative office building, and a 1,600-stall parking structure. At the time of the event, construction on the parking structure, which will accommodate Sunset Bronson’s new and existing tenancy, was approximately 40 percent complete.
“This new world-class project will serve as the gateway to the Sunset Media and Technology Corridor in Hollywood,” said Councilman O’Farrell. “ICON at Sunset Bronson Studios will create thousands of temporary and permanent good paying, quality jobs, and help Hollywood continue its forward momentum, as Sunset Boulevard evolves into the most exciting commercial corridor in all of Los Angeles.”
Gensler Architects designed the project, which features a one-of-a-kind staggered, tiered structure, average 25,000-square-foot floor plates with 45-foot column-free spans, floor-to-ceiling windows with panoramic views, terraced balconies on multiple floors, and ample on-site amenities, all built to LEED Gold certification standards.
Hudson purchased Sunset Bronson in 2008. In recent months, the Company has undertaken several capital improvement projects, including renovation and return of the former KFWB radio tower to its original location on the lot and restoration of the historic Warner Brothers office building, as well as comprehensive signage, landscaping and façade improvements. These efforts have allowed Hudson to retain more traditional media companies, such as KTLA, which has been headquartered on the lot for nearly 60 years and recently extended its lease through 2030, and attract top networks like HBO, CBS and FreemantleMedia.
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.
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