Hudson Pacific Properties Announces Agreements to Acquire Office Properties in San Francisco and West Los Angeles

Hudson Pacific Properties, Inc. (NYSE: HPP) today announced it has entered into purchase agreements to acquire 901 Market Street in San Francisco and the Olympic Bundy Media Campus in West Los Angeles. Both acquisitions are subject to customary closing conditions. The Company has agreed to purchase the 901 Market Street property for $90 million. 901 Market is an approximately 211,000 square foot historic landmark building consisting of approximately 148,000 square feet of office space and 63,000 square feet of ground floor and lower level retail space. Located at the crossroads of the Union Square and South of Market (SOMA) submarkets, adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance, 901 Market enjoys prominent visibility and access to San Francisco's burgeoning technology and social media-oriented tenants and Union Square's retail visitors. 901 Market is approximately 62% leased to a diverse tenant base, affording the Company the opportunity to significantly enhance future income by capitalizing on the favorable market conditions throughout San Francisco. This acquisition is expected to close on or before June 1, 2012.