SAN FRANCISCO-Hudson Pacific Properties Inc.has signed a lease at 1455 MarketSt., a 22-story, class-A office building here, withSquare Inc., an electronic payment serviceprovider that enables credit-card payments through mobile devices.The lease comprises the 246,078 square feet of initial occupancyand includes an expansion option for an additional 81,453 squarefeet, bringing the potential combined total occupancy for SquareInc. to 327,432 square feet.
The tennat plans to occupy 181,805 square feet in early 2013,followed by an additional 15,741 square feet in July 2013 and48,532 square feet in early 2014. The firm has the option to occupythe additional 81,354 square feet in early 2014. The 246,078 squarefeet backfills 206,760 square feet of space occupied by theproject’s largest tenant and takes an additional 39,318 square feetof currently vacant space. If Square exercises its option for theadditional 81,354 square feet, it would backfill a total of 288,114square feet currently occupied by the project’s largest tenant.
“This new lease represents a long-term commitment from a leadingtechnology company at starting rents above our underwritten andexpiring rents for this same space,” said Victor J.Coleman, chairman and CEO of HPP, in aprepared statement. “Our success in attracting exceptional tenantslike Square to 1455 Market continues to unlock this asset’s valuepotential.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
