REITs Meet Evolving Needs of Office Space Tenants

A REIT-owned office building under construction in the Hollywood district of Los Angeles epitomizes the evolution underway in office real estate today.

The Hudson Pacific Properties, Inc(NYSE: HPP) project, dubbed “EPIC,” will eventually be a 300,000 square-foot terraced office building, situated on Sunset Boulevard, close to entertainment studios, eateries, coffee shops, theaters, and public transportation. Set to open in 2020, the interior will feature 15-foot ceilings and floor-to-ceiling windows. It will also have built-in flexibility, such as the option to link floors with open staircases. It will have electric car charging stations, bike storage, and a fitness center with showers and lockers. A street-side lobby will have a rideshare drop-off. Yet its biggest draw might be its outdoor space.

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