Hudson Pacific CEO Lauds Netflix Deal

Victor Coleman, chairman, president and CEO of Hudson Pacific Properties (NYSE: HPP), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.

Hudson Pacific concentrates on office and state-of-the-art media and entertainment properties in select West Coast markets. Earlier this year the company received investment grade ratings from all three major United States credit rating agencies. Coleman said the ratings provide the company with flexibility for its debt usage and balance sheet going forward.

Coleman also commented on news that Internet television network Netflix will lease a significant portion of Hudson Pacific’s ICON office tower at Sunset Bronson Studios in Los Angeles.

“That was a huge deal for us,” Coleman said. The southern California staff of Netflix is expected to occupy 200,000 square feet at ICON, part of a nearly $200 million creative office development currently under construction along Hollywood’s Sunset Corridor. ICON is expected to be completed by late 2016.

Meanwhile, Coleman discussed the importance of keeping up with the pace of change in technology.

“I think we’re creative. I think we’re cutting-edge like everyone else is, but in the markets we’re in, we need to be on par with everyone else who is this next generation. We’re in Seattle, Los Angeles, San Francisco -- this is the hotbed of where the growth is,” he said.

Coleman added that Hudson Pacific’s ability to adapt its real estate “is completely aligned with where technology is today.”