Hudson Pacific Seeks Buyer for San Francisco Offices

Hudson Pacific Properties is searching for a buyer for its most vacant office property in San Francisco.

The Los Angeles-based firm listed the two-building complex at 875-899 Howard Street in South of Market for sale, hoping to secure an interested party to acquire the 282,828-square-foot property for an undisclosed amount, the San Francisco Business Times reported. Hudson Pacific bought the two buildings in 2007 for $46 million and turned approximately 86,000 square feet of retail and institutional space there into offices a decade ago.

The 899 Howard building, spanning 91,874 square feet, is currently 0 percent occupied, while 875 Howard is 31.9 percent full, making them the emptiest buildings in Hudson Pacific’s San Francisco portfolio, according to Securities and Exchange Commission filings cited by the Business Times. Hudson Pacific’s 901 Market Street building isn’t far behind at 32.4 percent occupancy; the developer has proposed converting that structure into apartments.

The larger of the two buildings, 875 Howard, rises six stories and spans 190,954 square feet. Snapchat parent company Snap once occupied approximately 33,000 square feet in the structure but moved out in late 2022. An 83,000-square-foot lease from Pivotal Software, which was acquired by VMware in 2019, is slated to expire June 30, though a pending lease for about 66,000 square feet of Pivotal’s footprint is in the works, Hudson Pacific President Mark Lammas said on a quarterly earnings call last month, according to the Business Journal. Gaming company Glu Mobile currently occupies two floors in the building.

Burlington Coat Factory once occupied 899 Howard, but the building is now totally vacant and in shell condition, according to the Business Times. Hudson Pacific designated the building for repositioning, opening the door for a buyer to upgrade or convert the property.

Hudson Pacific is in the process of slimming down its San Francisco office holdings as it navigates rough financial waters internally. Last year, the firm sold 625 Second Street to Frontline Realty Capital for $28 million. At the time the 138,354-square-foot building sold, it was the emptiest office in Hudson Pacific’s San Francisco portfolio at 38 percent occupancy.

The Victor Coleman-led firm registered a net loss of $53 million in the first quarter, The Real Deal reported. It’s not as bad as the $75 million lost in the first quarter of 2025, though it continues a trend of distress for the investor. The company largely attributed the losses to non-real estate depreciation and write-downs from last year tied to its Quixote soundstage and equipment business. The Quixote write-down alone cost the REIT roughly $300 million last year.

— Chris Malone Méndez