Victor Coleman, Hudson Pacific Properties
Victor Coleman
CEO at Hudson Pacific Properties
Victor Coleman is running the show in Hollywood.
Fifteen years ago, he created Hudson Pacific Properties, a publicly traded real estate investment trust based in west L.A., to acquire and operate office and studio properties. The firm most notably became Netflix’s favorite landlord for both asset types in Los Angeles. And Google, Riot Games, Square and Uber are also on the tenant roster.
The firm currently operates more than 20 million square feet of studio and office space, and last year completed the biggest commercial real estate deal in 2020 for L.A.: the $1.65 billion partnership with Blackstone to acquire a 2.2 million-square-foot office and film studios portfolio. This year, Hudson and Blackstone followed up with a $1.1 billion refinance on the same portfolio.
In the third quarter, the partnership unveiled plans for a 241,000-square-foot studio development in Sun Valley with seven sound stages to be called Sunset Glenoaks Studios. It’s expected to be completed by the third quarter of 2023, and will represent a total investment of at least $170 million. (Hudson also acquired studio transportation and logistics businesses Star Waggons and Zio Studio Services in the third quarter of 2021.)
“Our studio and office tenants continue to pay rent and any deferrals,” Coleman said during the company’s third quarter earnings call. “After completing nearly 320,000 square feet of office leasing this quarter with positive rent spreads, our stabilized office portfolio leased percentage remains north of 92 percent …”
Hudson has been expanding abroad as well. Hudson and Blacksone acquired a 91-acre London-area studio development site for approximately $160 million, and plans to invest more than $930 million in the project, known as Sunset Waltham Cross Studios.
Hudson went to Vancouver in September to submit plans for a 450,000-square-foot hybrid mass timber office and retail development at Bentall Centre called Burrard Exchange in Downtown Vancouver’s financial district.
And, finally, the project the public has been waiting years for: The nearly 600,000-square-foot One Westside development for Google on L.A.’s Westside is set to be completed in the first quarter of next year. — G.C.
