LOS ANGELES--(BUSINESS WIRE)--Nov. 7, 2013--
U.S. Bank and Hudson Pacific Properties have closed on a $65 million
construction loan for the development of Element L.A., the largest
creative office project in West Los Angeles. The 12-acre site is
designed for companies aiming to encourage innovation and creative
thinking in a nontraditional workspace.
“Creative office space is growing in Los Angeles,” said Adrian Metter,
Los Angeles market manager for U.S. Bank Commercial Real Estate.
“Element L.A. fits perfectly with the surrounding area and accommodates
the demand from technology, media and creative industries for this type
of commercial space. Hudson is a highly-respected developer throughout
the West Coast with a tremendous understanding of this market.”
Hudson is renovating the five existing buildings on the sprawling
Element L.A. campus, located at 1861, 1901, 1925, and 1933 South Bundy
Drive and 12333 West Olympic Boulevard in Los Angeles, California.
Element L.A. will feature high, wood bow truss ceilings, saw tooth
skylights, industrial windows, outdoor amenities such as
volleyball/basketball court, outdoor patios, bike shop, café, and a
parking garage providing 4:1 ratio.
Element L.A. is one of nearly 6.2 million square feet of commercial
properties that Hudson Pacific Properties owns and operates in the
Pacific Northwest and Northern and Southern California. Other notable
properties in Southern California include the Sunset Gower and Sunset
Bronson media and entertainment studios in Hollywood and The Pinnacle I
& II office buildings in Burbank.
“Element LA is poised to become one of Southern California’s most
exceptional creative office campuses,” said Mark Lammas, Chief Financial
Officer for Hudson Pacific Properties, Inc. “We are pleased to have U.S.
Bank provide the financing for this important project.”
About Hudson Pacific Properties
Hudson Pacific Properties,
Inc. is a full-service, vertically integrated real estate company
focused on owning, operating and acquiring high-quality office
properties and state-of-the-art media and entertainment properties in
select growth markets primarily in the Pacific Northwest and Northern
and Southern California. The Company’s strategic investment program
targets high barrier-to-entry, in-fill locations with favorable,
long-term supply-demand characteristics in select target markets,
including Los Angeles, Orange County, San Diego, San Francisco and
Seattle. The Company’s portfolio currently consists of approximately 6.2
million square feet, not including undeveloped land that the Company
believes can support an additional 1.6 million square feet. The Company
has elected to be taxed as a real estate investment trust, or REIT, for
federal income tax purposes. Hudson Pacific Properties is a component of
the Russell 2000® and the Russell 3000® indices.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial
Real Estate specializes in providing creative credit and non-credit
financial solutions for real estate developers, REITs, and commercial
property owners across the United States. U.S. Bank offers such services
as construction/development lending, property acquisition lending,
refinancing, lines of credit, and syndications. With an employee base of
400 professionals in 26 offices, U.S. Bank Commercial Real Estate builds
long-term relationships designed to help American businesses grow.
About U.S. Bank
U.S. Bank has grown tremendously in
California over the past five years, nearly doubling in size in both
branch presence and the number of Californians it employs. U.S. Bank has
225 branches and more than 2,700 employees in the Los Angeles area
alone. U.S. Bank is a proud community partner, with its employees
spending nearly 3,000 hours volunteering with local organizations.
Statewide, U.S. Bank provided nearly $10 million in contributions to the
U.S. Bancorp (NYSE: USB), with $361 billion in assets as of Sept. 30,
2013, is the parent company of U.S. Bank, the 5th largest commercial
bank in the United States. The company operates 3,088 banking offices in
25 states and 4,937 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
Source: U.S. Bank
U.S. Bank Public Relations
Teri Charest, 612-303-0732