Hudson Pacific Properties leases former Coca-Cola factory to coupon company

Hudson also said it paid $30M to acquire two new Hollywood properties

Aug.August 01, 2018 05:00 PM
HPP CEO Victor Coleman, Co-founder George Ruan, and Honey co-founder Ryan Hudson

UPDATED, August 3, 12:15 p.m.: Developer Hudson Pacific Properties has had a busy second quarter.

Online coupon company Honey has leased the entire Fourth & Traction redevelopment project in the Arts District, the studio owner announced during an earnings call Wednesday.

Honey is slated to move into the 130,000-square-foot space, designed by HLW, by mid-2019, the Los Angeles Times first reported. There, it will join Spotify and Warner Music, adding to the flurry of tech tenants revitalizing the neighborhood.

Honey is a free service that works through an extension downloaded to a consumer’s browser. It scans and then applies any coupons to the final checkout price.

The firm, which launched in Pasadena in 2012, will be relocating from another office in Downtown Los Angeles.

Hudson Pacific bought the former Coca-Cola manufacturing plant at 963 E. Fourth Street in 2015 for $49.2 million, property records show. It then rehabilitated the three-story, 102-year-old property to include office space, a rooftop restaurant and parking for 300 vehicles.

In the same earnings call, Hudson Pacific also announced it recently purchased two properties, totaling more than 41,000 square feet, adjacent to its Sunset Las Palmas studios in Hollywood.

The L.A.-based REIT acquired two sound stages at 6605 Eleanor Avenue for $18 million, plus an 18,700-square-foot office building at 1034 Seward Street for $12 million, property records show.

An LLC named ASAS, controlled by an individual named Alton Butler, sold both properties for a combined $30 million.

Hudson Pacific is the largest independent studio owner in the country, with over 1.2 million square feet of space at its three studios in Hollywood. The company also owns the Maxwell House coffee facility in the Arts District, as well as the shuttered Westside Pavilion.

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