Square Inc. Inks Lease with 327,000SF Potential

SAN FRANCISCO-Hudson Pacific Properties Inc. has signed a lease at 1455 Market St., a 22-story, class-A office building here, with Square Inc., an electronic payment service provider that enables credit-card payments through mobile devices. The lease comprises the 246,078 square feet of initial occupancy and includes an expansion option for an additional 81,453 square feet, bringing the potential combined total occupancy for Square Inc. to 327,432 square feet.

The tennat plans to occupy 181,805 square feet in early 2013, followed by an additional 15,741 square feet in July 2013 and 48,532 square feet in early 2014. The firm has the option to occupy the additional 81,354 square feet in early 2014. The 246,078 square feet backfills 206,760 square feet of space occupied by the project’s largest tenant and takes an additional 39,318 square feet of currently vacant space. If Square exercises its option for the additional 81,354 square feet, it would backfill a total of 288,114 square feet currently occupied by the project’s largest tenant.