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Hudson Pacific Properties (NYSE: HPP) has successfully completed its acquisition of Washington 1000, a modern office development site in Seattle, for $85.6 million. Construction is set to start immediately, with total project costs estimated between $340 million and $360 million. The 546,000-square-foot tower will be LEED Gold and Fitwel certified, featuring advanced sustainability and health designs. Expected delivery is slated for early 2024, expanding Hudson Pacific's office portfolio in the Denny Triangle to nearly $2 million square feet.
Positive
Acquisition of Washington 1000 enhances Hudson Pacific's portfolio with a modern office tower in a prime location.
The project supports sustainability initiatives with LEED Gold and Fitwel certification and carbon-neutral operations.
Strong fundamentals in the Denny Triangle market, with existing portfolio over 99% leased, indicating high demand.
Negative
Total project costs are projected at $340-$360 million, which may exert financial pressure on capital allocation.
World-class office tower in Seattle’s Denny Triangle tech-hub will include state-of-the-art sustainability and health features
LOS ANGELES--(BUSINESS WIRE)--
Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries, today completed its previously announced acquisition of Washington 1000, a fully entitled, state-of-the-art office development site in Seattle, for $85.6 million before closing adjustments.
Washington 1000 will be a world-class office tower located in the Denny Triangle neighborhood of Seattle (Photo: Business Wire)
Hudson Pacific will commence construction of the office tower immediately with total project costs, including the purchase price, of $340 to $360 million and anticipated delivery in early 2024. Washington 1000 is centrally located at 1000 Olive Way within the Amazon-anchored Denny Triangle submarket directly adjacent to the $1.9 billionWashington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Hudson Pacific's new 546,000-square-foot, Class A tower brings its strategically assembled, premier office portfolio in Denny Triangle to nearly 2 million square feet.
Washington 1000 will be LEED Gold and Fitwel certified with 100% carbon neutral operations, enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. Spacious 36,500-square-foot column-free floor plates optimize flexibility, while high ceilings maximize glass allowing for abundant natural light. The project has over 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby, as well as a best-in-class end-of-trip facility. Project architects are LMN and Callison RKTL.
“Washington 1000, with its state-of the-art, highly amenitized, sustainable and healthy design, delivers exactly what today’s leading companies and their employees desire, uniquely positioning the project within the market for lease,” said Andy Wattula, Executive Vice President, Pacific Northwest for Hudson Pacific. “South Lake Union-Denny Triangle market fundamentals remain strong, and our existing portfolio there is over 99% leased, underscoring the continued appeal for tenants of high-quality assets in prime tech-anchored office markets.”
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.
Forward-Looking Statements
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, which 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 filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.
