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Hudson Pacific’s $1.1B CMBS loan moves to special servicing
The loan, backed by studio-linked office properties partially leased to Netflix, passed into special servicing ahead of an Aug. 9 maturity date after HPP and the special servicer agreed to extensions.
Hudson Pacific Properties, partnered with Blackstone, said a $1.1 billion CMBS loan has moved into special servicing ahead of its Aug. 9 maturity date, according to Bisnow.
The loan is backed by Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios and several office properties including 6040 Sunset, Harlow and Netflix-leased Icon, Cue and Epic, Bisnow reported. The properties tied to the deal are 95.5% leased, with Netflix’s 722,000 square foot lease set to expire in 2031.
On a Wednesday investor call, HPP Chief Financial Officer Harout Diramerian said the borrower and special servicer agreed on terms for a longer-term extension plus a separate 30-day extension to finalize documentation.
Bisnow also reported that Hudson Pacific said office leasing improved in the second quarter, helped by an 894,000 square foot lease with the city and county of San Francisco at 1455 Market St. Including that deal, HPP signed 1.3 million square feet of new and renewal office leases, with 61% new leases and 39% renewals.