Hudson Pacific Properties to Develop Office Tower at Washington State Convention Center Addition

LOS ANGELES–(BUSINESS WIRE)–Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that
the company has purchased the condominium rights to build a fully
entitled office development adjacent to the 1.5 million-square-foot
Washington State Convention Center (WSCC) Addition for $86.0 million
before credits, prorations and closing costs. The planned approximately
538,000-square-foot office tower will be centrally located at the
intersection of Boren Avenue and Olive Way in Seattle’s booming Denny
Triangle neighborhood.

The 1.17-acre, full-block site is fully entitled for a 16-story office
tower due to extensive predevelopment and design work by the WSCC
Addition’s development team, including Pine Street Group as
pre-development manager and LMN as architect. The site offers unmatched
transportation access to Interstate-5, Sound Transit’s Link Light Rail,
the Seattle Streetcar network and regional bus service.

“This project represents an opportunity for Hudson Pacific to deliver a
world-class office tower that will complement and enhance the Washington
State Convention Center Addition,” said Andy Wattula, Senior Vice
President, Pacific Northwest for Hudson Pacific. “Building on our
existing investment portfolio in the Denny Triangle area, this project
positions Hudson Pacific to play an important role in the ongoing
transformation of this vibrant area of downtown Seattle.”

Targeting LEED Gold, the tower will have approximately 526,000 square
feet of office space and 12,000 square feet of retail. Comprehensive
amenities will include over 10,000 square feet of outdoor space, bike
storage, showers and lockers, and direct access to the WSCC Addition’s
dynamic pedestrian-level retail experience. Hudson Pacific estimates
total development costs, including the purchase price, in the range of
$300-350 million.

“Hudson Pacific’s commitment to long-term ownership of this asset and
stewardship in the neighborhoods where they invest were key
considerations in selecting them as the purchaser,” said Frank Finneran,
Board Chair of the WSCC. “This office development plays an important
role in the overall WSCC Addition.”

Hudson Pacific expects to commence construction as early as mid-2021
with delivery for tenant improvements in late 2022.

About Hudson Pacific Properties

Hudson Pacific Properties is a real estate investment trust that owns
and operates more than 17 million square feet of office and studio
properties. Focused on premier West Coast epicenters of innovation,
media and technology, its anchor tenants include Fortune 500 and leading
growth companies such as Netflix, Google, Square, Uber, NFL Enterprises
and more. Hudson Pacific is publicly traded on the NYSE under the symbol
HPP, and listed as a component of the Russell 2000® and the Russell
3000® indices. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

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and contingencies, many of which are beyond the company’s control, which
may cause actual results to differ significantly from those expressed in
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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.

Contacts

Laura Campbell
Senior Vice President, Investor Relations & Marketing
(310)
622-1702
lcampbell@hudsonppi.com

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