Hudson Pacific Properties, Inc. Announces New 45,739 Square-Foot Lease with NerdWallet at 901 Market Street in San Francisco
LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced it has signed a new lease at its 901 Market Street property in San Francisco with NerdWallet, Inc., the fast-growing startup that helps consumers make smart financial decisions.
“This lease represents a long-term commitment from a rapidly growing San Francisco-based technology company at starting rents above our underwritten rents for this same space. We are quite happy to have NerdWallet as a tenant and are pleased with the terms of this transaction.”
The new seven-year 45,739 square-foot lease encompasses the entire fifth and sixth floors of 901 Market, which are currently unoccupied. Commencement of the lease with NerdWallet is scheduled for the fourth quarter of 2014.
“It is my pleasure to welcome NerdWallet, Inc. to our 901 Market Street property,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “This lease represents a long-term commitment from a rapidly growing San Francisco-based technology company at starting rents above our underwritten rents for this same space. We are quite happy to have NerdWallet as a tenant and are pleased with the terms of this transaction.”
901 Market is an approximately 212,319 square-foot historic landmark building consisting of approximately 126,022 square feet of office space and 86,297 square feet of ground floor and lower level retail space. Located adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance, the property enjoys prominent visibility and access to Union Square’s retail visitors and offers convenient amenities that are important to attracting San Francisco’s burgeoning technology and social media-oriented tenants.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in the Pacific Northwest and Northern and Southern California. The Company’s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets, including Los Angeles, Orange County, San Diego, San Francisco and Seattle. The Company’s portfolio currently consists of approximately 6.4 million square feet, not including undeveloped land that the Company believes can support an additional 1.8 million square feet. The Company has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Hudson Pacific Properties is a component of the Russell 2000® and the Russell 3000® indices. For additional information, please visit www.hudsonpacificproperties.com.
NerdWallet.com is home to teams of financial “Nerds” who crunch numbers and gather the information needed to help consumers save time and money. The user-friendly site covers banking, credit cards, insurance, mortgages, shopping, travel and more. NerdWallet and its specialized Nerds have been featured by outlets such as CNBC, CNN, Forbes, Fox News, NPR, The New York Times and The Wall Street Journal, and praised by consumer advocates such as Clark Howard and Liz Weston. NerdWallet is privately held and profitable, and has no plans to pursue outside funding.
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, 2013 filed with the Securities and Exchange Commission on March 3, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.