July 16, 2024 Breaking News, Latest News, and Videos

Hudson Pacific Properties Puts ZipRecruiter Santa Monica Headquarters Building Up for Sale Amidst Uncertain Office Market

Hudson Pacific Properties explores potential sale of 44,260-square-foot property leased to ZipRecruiter 

Hudson Pacific Properties is putting up for sale a building located at 604 Arizona Avenue. The three-story, 44,260-square-foot property is currently leased to ZipRecruiter, an employment marketplace software company, and serves as their headquarters. ZipRecruiter’s lease is set to expire in May 2025.

As reported by Costar, Hudson Pacific has confirmed that they are exploring a potential sale of the property, but declined to provide further comments. ZipRecruiter has not responded to requests for comments on whether they are interested in buying the property or renewing their lease, according to marketing materials and sources.

This potential sale comes at a time of uncertain market conditions for the office real estate market, as remote work continues to gain popularity. Office REITs have experienced lower returns compared to other types of REITs this year, as reported by Nareit, a REIT association based in Washington, D.C. Hudson Pacific itself has seen its share price decline, reaching record lows in March after a year-to-date drop of over 30% as of April 7.

In recent months, Hudson Pacific has divested four office properties, including the sale of its Skyway Landing property in San Carlos, California for $102 million in February, according to CoStar data. However, the company has also decided not to sell some of its other properties, such as the Fourth & Traction creative office space in downtown Los Angeles, as mentioned by CEO Victor Coleman in a quarterly earnings call on Feb. 9.

Santa Monica’s office market has an average rent of $63.36 per square foot, which is higher than the greater Los Angeles average of $42.22 per square foot, based on CoStar data. However, the market’s vacancy rate of 17.1% is higher than the greater Los Angeles average of 14.9%.

Related Posts

Olympic Golf Is Coming to the Pacific Palisades

July 16, 2024

July 16, 2024

To Host the World’s Finest Is Fitting for the West L.A. Course By Zach Armstrong In the Summer of 2028, while...

Residents Sue City of Los Angeles For Stalling Affordable Housing Development

July 16, 2024

July 16, 2024

The New Lawsuit Also Comes After Two Separate l.a. Superior Court Rulings Rejected a Coalition’s Multi-Year Effort to Halt the...

LAPD and Family Seek Public’s Help to Locate Missing 69-Year-Old Woman

July 16, 2024

July 16, 2024

Beryl Angela Thomas Last Seen in Fairfax Area; May Be Disoriented The family of Beryl Angela Thomas and detectives from...

Governor Signs Landmark SAFETY Act to Shield LGBTQ+ Students in California Schools

July 15, 2024

July 15, 2024

New Law Prohibits Forced Outing Policies in Schools to Keep Students Safe The Support Academic Futures & Educators for Today’s...

The Donald Kaufman Brentwood Branch Library Celebrates 30th Anniversary with Week of Events

July 15, 2024

July 15, 2024

A Musical Performance, Visit From the Reptile Family and Special Reception The Donald Kaufman Brentwood Branch Library is celebrating its...

SMMUSD Announces Free and Reduced-Price Meals for 2024-25 School Year

July 15, 2024

July 15, 2024

Children Are Eligible for Free or Reduced-Price Meals if Their Household Income Is at or Below Federal Guidelines The Santa...

Local Leaders and Law Enforcement React to Trump Assassination Attempt

July 14, 2024

July 14, 2024

Reactions Emphasize the Need for Unity and Safety in Our Nation  After the shocking news of the attempted assassination of...

Child Abductor Arrested After Victim Rescued: Report

July 14, 2024

July 14, 2024

Officers Reportedly Located the Child and Suspect Nearly 30 Minutes After a 911 Call A 4-year-old girl who was abducted...

Beloved Brentwood Monument Destroyed by Vandals on San Vincente Median

July 14, 2024

July 14, 2024

A Symbol of Community History and Dedication Found in Pieces One of Brentwood’s most cherished monuments was callously destroyed by...

Los Angeles Woman Sentenced to 35 Years to Life for Murder of Michael Latt

July 14, 2024

July 14, 2024

35 Years to Life for Woman Who Killed Social Justice Advocate Jameelah Michl was sentenced to 35 years to life...

Summer at Annenberg:Swim Daily and Watch the Sunset

July 12, 2024

July 12, 2024

By Susan Payne A unique, inclusive community destination along the Pacific Coast Highway of Santa Monica is inviting you to...

Kroger and Albertsons Reveal List of Stores to be Divested in $25 Billion Merger

July 12, 2024

July 12, 2024

Eleven Stores in West Los Angeles Among Locations to be Sold  The Kroger Company and Albertsons Companies Inc. have announced...

Pizza Girl’s First Brick-and-Mortar Shop Opens Along Venice Beach

July 12, 2024

July 12, 2024

Its Owner, Caroline D’Amore, Has Made Several Film Appearances, Modeled, and Toured Internationally With Paris Hilton as a DJ By Zach...

This Homeless Santa Monica Resident Saved a Teenage Girl From a Vicious Attack

July 12, 2024

July 12, 2024

City Council’s Commendation for Wilker Was Made at Its Most Recent Meeting on July 9 By Zach Armstrong Santa Monica...

Santa Monica Launches Bitcoin Office to Educate and Innovate

July 11, 2024

July 11, 2024

New initiative aims to boost digital currency awareness, partnerships, and sustainable mining efforts The city of Santa Monica has unveiled...