Hudson Pacific Properties

What Hudson Pacific Properties does

Hudson Pacific Properties, Inc. (NYSE: HPP) is a vertically integrated real estate investment trust headquartered at 11601 Wilshire Boulevard, Los Angeles, founded in 2004 and operating a 16.5M SF office and studio portfolio across the U.S. West Coast (San Francisco, Los Angeles, Seattle), Western Canada (Vancouver), and the UK. The company runs two product lines: Office Properties, leased primarily to technology and media tenants including Fortune 500 companies (with the City and County of San Francisco now its largest tenant at over 900,000 SF, anchored by a 23-year, 502,082 SF lease at 1455 Market Street), and Studio Properties, encompassing the Sunset Studios platform (Hollywood at 96% leased, Manhattan at 100% leased), the recently opened Sunset Pier 94 Studios ($350M JV with Vornado and Blackstone), and the Quixote Studios subsidiary (currently being wound down). The platform serves more than 1,000 tenants across its office and retail portfolio.

Revenue is generated through three streams: recurring long-term office and studio leases (subscription-style recurring), production services through studios (quasi-recurring), and one-time property sales and capital transactions (over $2B of which were executed in 2025). Q4 2025 total revenue was $256.0M (boosted by an $81M lease termination fee from the Element LA sale) and Q1 2026 revenue was $181.9M with a $53.1M net loss. Customer concentration skews toward deep-pocketed enterprise and government anchors with long lease durations, while the customer base spans 1,000+ tenants providing moderate distribution. Distribution is direct enterprise field sales to tenants, with marketing executed through the corporate website, an investor relations portal, major industry conferences (e.g., Citi 2026 Global Property CEO Conference), and earned media.

HPP's 2025–2026 strategy is a defensive balance-sheet recapitalization: the company raised a ~$690M public offering anchored by Cohen & Steers ($300M, 43% of the raise), executed a $475M CMBS financing on six West Coast properties (March 2025), sold Element LA for $231M total proceeds (December 2025), and abandoned its £700M UK Sunset Studios development (May 2026). The result was a 22% reduction in net debt and liquidity rising to $934M. On the offensive side, the JV-led Sunset Pier 94 Studios opened in Manhattan (January 2026) and office occupancy is improving toward an 80–82% target for 2026, while the Quixote production services subsidiary is being wound down with $21–27M expected annualized savings. The company is led by Chairman/CEO Victor Coleman, with President Mark T. Lammas and CFO Harout Diramerian; COO Andrew L. Wattula resigned in June 2026 and Jon Bortz (CEO, Pebblebrook Hotel Trust) joined the board in December 2025.

Name

Hudson Pacific Properties

Legal name

Hudson Pacific Properties, Inc.

Website

https://hudsonpacificproperties.com

Company type

Public

Founded year

2004

Headcount range

501–1,000 employees

Short description

Hudson Pacific Properties (NYSE: HPP) is a vertically integrated REIT that owns and operates premier office and studio properties for technology, media, and entertainment tenants across the U.S. West Coast, Western Canada, and the UK, serving over 1,000 tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate REIT

NAICS

Rental and Leasing Services (532), Other Activities Related to Real Estate (531390)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial office properties
• Studio real estate
• REIT leasing
• Production services
• Corporate real estate

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others

Revenue model

1. Office Property Leasing: Rental income from office properties across West Coast markets (San Francisco, Los Angeles, Seattle). Revenue from long-term leases with tech and media tenants.
2. Studio and Production Services: Sound stages, equipment rental, and production services through Quixote Studios subsidiary. Provides sound stages, equipment, and production services to major entertainment clients.
3. Property Sales: Sale of non-core office assets to generate capital for debt repayment and balance sheet strengthening. Sold Element LA for $150 million in December 2025.
4. Capital Transactions: Over $2 billion in capital transactions completed in 2025 including debt refinancing, preferred stock offerings, and CMBS financing.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hudson Pacific Properties is a vertically integrated real estate investment trust (REIT) that owns, develops, and operates premier office and studio properties. It leases office space primarily to technology and media tenants across West Coast U.S. markets, Western Canada, and the UK, and provides sound stages, equipment rental, and production services to major entertainment studios through its studio platform including Sunset Studios and Quixote Studios.

Product overview

Hudson Pacific Properties operates a vertically integrated real estate platform consisting of two core product lines: Office Properties and Studio Properties. The office portfolio includes premier properties across West Coast U.S. markets and Vancouver serving technology and media tenants. The studio portfolio includes owned and joint venture studio operations including Sunset Studios (Hollywood and Manhattan locations with near-full occupancy), Quixote Studios (production services currently being restructured), and the newly launched Sunset Pier 94 Studios in Manhattan developed with Vornado and Blackstone. The company previously acquired Star Waggons and Zio Studio Services (2021) and Quixote Studios (2022) to expand production capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Properties
• Studio Properties
• Sunset Studios
• Sunset Pier 94 Studios
• Quixote Studios Production Services

Quantifiable outcome

• Occupancy increased to 76.3% in Q4 2025 with positive net absorption for second consecutive quarter
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Vornado Realty TrustcoreStrategic or Co-development Partner · 20 January 2026Joint venture with Vornado Realty Trust and Blackstone for Sunset Pier 94 Studios, a $350 million Manhattan project. The 232,000 SF facility with six purpose-built sound stages is Manhattan's first purpose-built film and television studio campus. Paramount Television Studios signed as inaugural tenant with 70,000 SF lease.

Scale indicators15 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Highwoods Properties: Highwoods Properties is an office REIT focused on Best Business Districts across the Sunbelt, with the same Class A office REIT business model and recurring rental revenue structure that defines HPP.
• Empire State Realty Trust: Empire State Realty Trust operates office and observatory properties in Manhattan and the NY metro area with comparable REIT structure, tenant base, and capital-markets profile to HPP.
• Cousins Properties Incorporated: Cousins Properties is a Sunbelt-focused office REIT operating Class A properties with the same fundamentals, recurring revenue model, and institutional tenant orientation as HPP, though in a different geography.
• Kilroy Realty Corporation: Kilroy Realty is a West Coast-focused office REIT operating in the same submarkets (San Francisco, Los Angeles, Seattle) with comparable Class A portfolios and tech/media tenant mix—the most directly comparable REIT to HPP given overlapping geographies and customer base.
• Equity Commonwealth: Equity Commonwealth is an office REIT that has historically held a diversified Class A portfolio and remains a sector peer, sharing the office REIT operating model and competitive dynamics that define HPP's industry.
• Vornado Realty Trust: Vornado is a Manhattan-focused office REIT and HPP's joint venture partner on the $350M Sunset Pier 94 Studios. Both firms compete for premium coastal office tenants and major institutional capital partners.
• Douglas Emmett Inc: Douglas Emmett owns and operates office and multifamily properties primarily in West Los Angeles and Honolulu, sharing HPP's premium LA office submarket exposure and tech/entertainment tenant base.
• SL Green Realty Corp: SL Green is Manhattan's largest office landlord, directly competing for tenants and capital partners in NYC—including the market where HPP just launched Sunset Pier 94 via JV.
• Paramount Group Inc: Paramount Group is a Class A office REIT with properties in New York, San Francisco, and Washington DC—directly competing with HPP in two of its core markets (SF and Manhattan).
• Boston Properties Inc: Boston Properties is one of the largest publicly traded office REITs, with Class A properties in major U.S. markets including San Francisco and Los Angeles, serving similar large enterprise tenants as HPP.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/hudsonppi

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hudson Pacific Properties