Hudson Pacific’s Element LA Development Signs Riot Games as Single Tenant in Blockbuster Deal
- Nov 10, 2013
As the Californian office market heats up due to increased activity in the San Francisco Bay Area, it was recently Southern California’s turn to grab the spotlight. Hudson Pacific Properties announced this week that it had executed a leasing agreement for the entire space at its in-development Element LA office campus. The company that has signed on as the single tenant for the creative office project is Riot Games INC., the developer and publisher of hit online game League of Legends. The agreement is the largest of its kind to be signed in Southern California in five years.
The gaming company has leased a total of 284,037 square feet at the West Los Angeles facility, located on Olympic Boulevard between Bundy Drive and Centinela Avenue. Element LA is a project by Hudson Pacific Properties that is currently being developed on a 12.19-acre site and will comprise five office buildings, as well as a five-story parking garage. With Riot Games set to become the only name on the property’s tenant roster, Element LA is currently undergoing redevelopment which will include a number of characteristics that should fit the company’s needs. Riot Games, which was recently included on Fortune magazine’s list of 50 Best Small and Medium-Size Companies to Work for, will begin its stint as the property’s sole occupant in Q2 of 2015.
The transaction was arranged by representatives from CBRE on behalf of Hudson Pacific Properties, while CRESA and DTZ represented Riot Games. Los Angeles Mayor Eric Garcetti has greeted Riot Games’ choice to relocate to West L.A. as an important step forward in the improvement of the city’s current economic state by saying that the “signing of this lease exemplifies the growing confidence in Los Angeles as the destination for innovative businesses.” Victor J. Coleman, chairman and chief executive officer of HPP touted its Element project as “a one-of-a-kind property that generated significant interest from prospective tenants, and we are thrilled to commit the entire project to a highly successful company.” The move also reflects Los Angeles’ appeal with the tech market. As Silicon Beach grows and creative office space provides new life for the city’s office market, L.A. may find it has another major card to play apart from the entertainment sector.
Image courtesy of hudsonpacificproperties.com