U.S. Bank Provides $65 Million Construction Loan for Creative Office Campus in West Los Angeles
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 community.
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
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