Google renews lease at Hudson Pacific's Palo Alto, Calif., office building

Hudson Pacific Properties Inc. renewed Google LLC's 207,857-square-foot seven-year lease term at 3400 Hillview in Stanford Research Park in Palo Alto, Calif., which will commence in December.

Hudson Pacific also executed 296,475 square feet of new and renewal lease agreements across the San Francisco Peninsula and Silicon Valley in California, year-to-date.

During the 2020 fourth quarter, it signed 20 new and renewal leases totaling 143,000 square feet across the same markets, representing about 53% of its total fourth-quarter leasing activity.

The office landlord has decreased its remaining lease expirations for 2021 to 7.5% of its annualized base rent with in-place rents for leases approximately 20% below market, according to Victor Coleman, the company's chairman and CEO.