May 10, 2016
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Los Angeles-based Hudson Pacific Properties, Inc. addressed its largest 2017 lease expiration by executing a long-term renewal with Qualcomm, a leading 3G and next-generation mobile technology company. The renewal was for 365,502 square feet at Skyport Plaza, a 38-acre mixed-use office campus in North San Jose.
The REIT reported the transaction as part of its 1Q financial results, noting it completed new and renewal leases totaling 816,031 square feet. The renewal increased cash and GAAP rents by approximately 44% and 54% respectively, and extended the expiration of this major tenant at the more than 418,000-square-foot property through July 2022.
Hudson Pacific Properties’ Victor Coleman says, “The deal included a substantial mark-to-market on rent, effective as of April 1, and brought our total year-to-date leasing to north of 1.2 million square feet.”
Colliers’ Michael Rosendin, Susan Gregory and Sean Toomey handles leasing for Skyport Plaza.