Hudson Pacific Properties, Inc.
), 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
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.
Host Hotels & Resorts Inc.
), all of which a Zacks Rank #2 (Buy).
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