130,434-Square-Foot Lease Expansion with UBER at 1455 Market Street in San Francisco
Hudson Pacific Properties, Inc. (the "Company") (NYSE: HPP) today announced that UBER Technologies, Inc.—a cutting-edge technology platform designed to connect drivers and riders in order to help facilitate convenient, seamless transportation options—has expanded its lease by an additional 130,434 square feet at the Company's 1455 Market Street property in San Francisco. In July 2013, Square signed a lease encompassing 88,134 square feet of initial occupancy at 1455 Market Street.
Today's announcement brings UBER's lease at 1455 Market to a total of 218,568 square feet. Occupancy under the expansion is expected to occur in stages, with 24,270 square feet of currently vacant space scheduled for commencement in October 2014, and 14,364 square feet of currently vacant space scheduled for commencement in November 2014. The remaining 91,800 square feet backfills a corresponding amount of space currently occupied by the project's largest tenant that was scheduled to expire in December 2015; this space is scheduled to be occupied in April 2015. With the execution of this expansion and earlier announced lease with Rocket Fuel, Inc., the office component of 1455 Market is effectively fully leased.
"I am delighted with UBER’s decision to increase their occupancy at 1455 Market Street. This lease expansion with a very successful San Francisco-based technology company exemplifies Hudson's strength in operating best-in-class office properties, with a strong technology, media and entertainment tenancy," said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties.
1455 Market Street is a 1,012,012-square-foot, 22-story, Class-A office building situated on 3.01 acres and located in the dynamic Mid-Market submarket of San Francisco, which has become one of San Francisco's newest technology and business hubs. 1455 Market is in close proximity to some of San Francisco’s largest government and cultural institutions.