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The Real Deal Los Angeles

Hudson Pacific taps CBRE to lease Epic development in Hollywood

Pre-leasing is “not the norm,” but HPP is optimistic after Netflix wins: Victor Coleman
By Hannah Miet and Katherine Clarke | May 05, 2017 05:58PM

Hudson Pacific Properties CEO Victor Coleman and Epic development rendering

With two of its office buildings on the Sunset Bronson Studios lot pre-leased to Netflix, Hudson Pacific Properties is gunning to market its third, the 15-story, 300,000-square-foot building dubbed Epic. HPP plans to break ground on the development at 5901 Sunset Boulevard by the beginning of next year, CEO Victor Coleman said Thursday on an earnings call.

The West L.A.-based REIT has tapped CBRE — which also leased Icon and Cue — as the leasing agent, Coleman said, adding that the brokerage will begin scoping the scene before construction even commences.

“L.A. is not typically a pre-leasing marketplace, but the large tenants are growing and there is a lot of interest in the media-related tenancy,” Coleman said. “[CBRE’s marketing is] more going to be a temperature read as to how the market sits and what kind of leasing numbers our team can generate before we break ground.”

While pre-leasing, in Coleman’s words “is not the norm” in L.A., other projects have recently seen success with it.

IDS Real Estate Group secured the first two tenants for its under-construction C3 creative office development in Culver City last week, The Real Deal reported. Marketing firm Dentsu Aegis Network and consumer brand company Henkel will occupy a combined 98,000 square feet of space across two floors at 5800 Bristol Parkway.