The Kirsh Connection

Episode: Hollywood Meets Real Estate: The Future of Studio & Office with Victor Coleman, CEO of Hudson Pacific Properties
Host: Andrew Kirsh
Guest: Victor Coleman, CEO & Chairman, Hudson Pacific Properties
Date: April 7, 2026

Episode Overview

This episode of The Kirsh Connection features an in-depth conversation between Andrew Kirsh and Victor Coleman, CEO of Hudson Pacific Properties, exploring Coleman's unique journey from Vancouver to becoming a top public company executive, Hudson Pacific’s evolution, the state and future of West Coast real estate—especially the studio and office sectors—and candid advice for those starting in the industry. The episode maintains an informal, insightful, and occasionally humorous tone, with notable diversions into sports, personal stories, and the impact of social and economic changes on real estate.

Key Discussion Points & Insights

1. Personal Background & Roots (01:31–04:30)

Coleman's Early Life:
- Born and raised in Vancouver, BC; maintains family and strong emotional ties there.
- Relocated to California for school (Berkeley) and never returned to live in Canada.
- Discusses the impact of the Palisades fire and community efforts to rebuild.
  - “My heart is with the Palisades. I'm still working on all facets and functions to try to get back...A lot of heart there and I'm part of that pulse, I believe.” (01:46)

2. Career Journey: From Wall Street to Real Estate Mogul (04:30–08:35)

Early Career Moves:
- First job at Drexel Burnham after college, through Beverly Hills family connections.
- Met mentor Dick Simon, leading to a partnership and creation of Arden Realty in 1990.
- Arden went public in 1996, sold in 2006 at the "peak of the market."
  - “We had a great partnership for 16 years. Went public in 1996, sold in 2006.” (08:44)
Transition to Hudson Pacific:
- After Arden’s sale, started Hudson Pacific Properties with private equity backing.
- Initially no intention of returning public, but market timing led to a 2010 IPO.
  - “Nobody really goes public once, but nobody really goes public twice…It was massively successful, the offering.” (15:08, 17:59)

3. Memorable Moments in Real Estate (08:35–13:23)

Legendary Closing Dinner Story:
- Latham & Watkins $7 million invoice after Arden’s 2006 sale, delivered in a whiskey bottle box.
- The firm hosted a lavish closing dinner trip to Dubai for the principals.
  - “Paul brought it in a whiskey bottle case…about $7 million. If you pay this, we'll take you…anywhere you want to go.” (10:30)
  - “We met the Al Habtoor family…saw the Palm Islands being built…stayed at the Burj Al Arab.” (11:59)

4. The Evolution of Hudson Pacific Properties (13:23–20:10)

Business Model & Asset Classes:
- Focused on both office and studio properties, primarily in California and the West Coast.
- Strategic market timing and willingness to be both nimble and opportunistic.
The Pros and Cons of Taking a Company Public:
- Recognition of extensive regulation post-Sarbanes-Oxley; public companies face much more scrutiny.
- Big benefit: Speed to raise capital (e.g., $700M in 3 days in 2025).
  - “Having a public vehicle is so unique and so valuable at the right time...turning the faucet on.” (17:59–20:10)

5. West Coast Real Estate Market Analysis (20:10–29:13)

San Francisco's Comeback:
- Credits pro-business mayor and the influx of AI/tech firms.
  - “Dan Lurie’s done a phenomenal job…It’s the second best city in the country right now for real estate.” (20:48–22:45)
Comparative Market Dynamics:
- Seattle is “palatable” with a new mayor but lacks business acumen.
- LA lags: Lack of return to office among city workers; leadership not proactive enough.
  - “City of LA’s not back to work full time...It’s shocking. Largest city in the country by far.” (24:04)
- Entertainment industry’s eroded leadership and competitive disadvantage due to strikes and lack of incentives.
Flight of Production from LA:
- LA’s loss of its “competitive advantage” (infrastructure, back-of-house talent), production shifting to NY, Atlanta, Vancouver, and international locations.
  - “We had the competitive advantage because we had the infrastructure...but it was never to the level it is today because we didn’t embrace it.” (26:25)
Future Outlook:
- Groundswell of talent wanting to return to LA.
- Prediction: “As low as we’re gonna get” for LA; Atlanta could be hit harder going forward.

6. Strategy and the Future of Hudson Pacific (29:56–32:43)

Company Direction:
- Shifting focus away from studio operations toward high-quality office properties.
- Market share in studio business is high, but production volume is down, so focus is on efficiency.
  - “Doesn’t matter how much market share you have, but if there’s no market it’s irrelevant.” (30:43)
- Most bullish on Sunset studio properties and quality office assets.
Market-by-Market Insights:
- Seattle set to recover, trailing SF’s recovery curve.
- LA is a “big question mark”, especially post-2028 Olympics—historically a challenge for host cities’ finances.

7. Deep-Dive: Downtown LA & Office Market Trends (32:43–34:19)

Downtown LA:
- Chronic underperformance, rental rates stagnant for 30 years.
  - “LA downtown has really never performed...rental rates are still where they were 30 years ago.” (33:05)
- Prediction: Other submarkets will outperform due to amenities, capital investment, and tenant movement.
West Coast Micro-Markets:
- Regret missing Bellevue, WA, which flourished due to favorable tax climate.
  - “Bellevue…probably should have gone into.” (34:27)
Return-to-Office Trends:
- Hybrid but trending consistently toward four to five days in office per week.
- Space per employee increasing; flexible, “fluid” office environments.
  - “Square foot per person has gone up…It’s even increasing more.” (36:45)

Memorable Quotes & Notable Moments

On Going Public (again):
“Nobody really goes public once, but nobody really goes public twice.” (15:08)
On LA’s Political Leadership:
“The city of LA’s not back to work full time. They’re not in their offices. It’s shocking. It’s the largest city in the country by far.” (24:04)
On Market Share in Studios:
“It doesn’t matter how much market share you have, but if there’s no market it’s irrelevant.” (30:43)
Advice for Industry Newcomers:
“If you don't know how to underwrite and have that sort of smell test that works, even as a real young person...I think that's the way to go.” (40:49)

Timestamps for Important Segments

Coleman’s background & post-Palisades fire reflections: 01:31–03:41
Career launch, Arden Realty, and mentorship: 04:30–08:44
Legendary Dubai closing dinner story: 08:35–13:23
Hudson Pacific’s IPO and public/private trade-offs: 13:23–20:10
San Francisco, Seattle, LA political & business climates: 20:10–29:16
Industry flight from LA & hopes for resurgence: 26:02–29:16
Future strategy for Hudson Pacific: 29:56–32:43
Downtown LA vs. other markets: 32:43–34:19
Return-to-work trends & office design evolution: 35:13–36:52
Golf club banter & favorite courses: 37:24–39:50
Advice for real estate newcomers: 40:49–41:56

Notable Personal Moments

Golf Talk & LA Golf Courses:
- Both Coleman and Kirsh swap stories about LA golf clubs; Coleman is a member at Riviera, Bel-Air, and Hillcrest, and favors Riviera as the “best course on the West Coast." (37:28–38:19)
- Humorous banter about golfing experiences and exclusive club rules.
International Travel Stories:
- Tales from Dubai and visiting the Taj Mahal—Coleman calls it “the most spectacular place I have ever seen.” (12:54–13:21)

Closing Advice for Young Real Estate Professionals (40:49–41:56)

Coleman: “The fact that somebody’s coming and say they want to be in real estate business is a smart thing to do because when the businesses are depressed, that’s when you’re going to get in...you got to have a good personality. You got to be out there. You got to want to shake hands...that’s the way to go.”

Takeaways

Real estate cycles are relentless; success often comes from timing, adaptability, and building strong relationships.
Urban markets are governed as much by politics and public leadership as by macroeconomics, with “pro business” policies creating significant city-level divergence.
LA’s entertainment infrastructure, once unassailable, is at risk without concerted leadership and investment.
For newcomers: Learn to network, underwrite, and read deals—skills AI can’t easily replicate.

The Kirsh Connection

Episode Overview

Key Discussion Points & Insights

1. Personal Background & Roots (01:31–04:30)

Coleman's Early Life:
- Born and raised in Vancouver, BC; maintains family and strong emotional ties there.
- Relocated to California for school (Berkeley) and never returned to live in Canada.
- Discusses the impact of the Palisades fire and community efforts to rebuild.
  - “My heart is with the Palisades. I'm still working on all facets and functions to try to get back...A lot of heart there and I'm part of that pulse, I believe.” (01:46)

2. Career Journey: From Wall Street to Real Estate Mogul (04:30–08:35)

Early Career Moves:
- First job at Drexel Burnham after college, through Beverly Hills family connections.
- Met mentor Dick Simon, leading to a partnership and creation of Arden Realty in 1990.
- Arden went public in 1996, sold in 2006 at the "peak of the market."
  - “We had a great partnership for 16 years. Went public in 1996, sold in 2006.” (08:44)
Transition to Hudson Pacific:
- After Arden’s sale, started Hudson Pacific Properties with private equity backing.
- Initially no intention of returning public, but market timing led to a 2010 IPO.
  - “Nobody really goes public once, but nobody really goes public twice…It was massively successful, the offering.” (15:08, 17:59)

3. Memorable Moments in Real Estate (08:35–13:23)

Legendary Closing Dinner Story:
- Latham & Watkins $7 million invoice after Arden’s 2006 sale, delivered in a whiskey bottle box.
- The firm hosted a lavish closing dinner trip to Dubai for the principals.
  - “Paul brought it in a whiskey bottle case…about $7 million. If you pay this, we'll take you…anywhere you want to go.” (10:30)
  - “We met the Al Habtoor family…saw the Palm Islands being built…stayed at the Burj Al Arab.” (11:59)

4. The Evolution of Hudson Pacific Properties (13:23–20:10)

Business Model & Asset Classes:
- Focused on both office and studio properties, primarily in California and the West Coast.
- Strategic market timing and willingness to be both nimble and opportunistic.
The Pros and Cons of Taking a Company Public:
- Recognition of extensive regulation post-Sarbanes-Oxley; public companies face much more scrutiny.
- Big benefit: Speed to raise capital (e.g., $700M in 3 days in 2025).
  - “Having a public vehicle is so unique and so valuable at the right time...turning the faucet on.” (17:59–20:10)

5. West Coast Real Estate Market Analysis (20:10–29:13)

San Francisco's Comeback:
- Credits pro-business mayor and the influx of AI/tech firms.
  - “Dan Lurie’s done a phenomenal job…It’s the second best city in the country right now for real estate.” (20:48–22:45)
Comparative Market Dynamics:
- Seattle is “palatable” with a new mayor but lacks business acumen.
- LA lags: Lack of return to office among city workers; leadership not proactive enough.
  - “City of LA’s not back to work full time...It’s shocking. Largest city in the country by far.” (24:04)
- Entertainment industry’s eroded leadership and competitive disadvantage due to strikes and lack of incentives.
Flight of Production from LA:
- LA’s loss of its “competitive advantage” (infrastructure, back-of-house talent), production shifting to NY, Atlanta, Vancouver, and international locations.
  - “We had the competitive advantage because we had the infrastructure...but it was never to the level it is today because we didn’t embrace it.” (26:25)
Future Outlook:
- Groundswell of talent wanting to return to LA.
- Prediction: “As low as we’re gonna get” for LA; Atlanta could be hit harder going forward.

6. Strategy and the Future of Hudson Pacific (29:56–32:43)

Company Direction:
- Shifting focus away from studio operations toward high-quality office properties.
- Market share in studio business is high, but production volume is down, so focus is on efficiency.
  - “Doesn’t matter how much market share you have, but if there’s no market it’s irrelevant.” (30:43)
- Most bullish on Sunset studio properties and quality office assets.
Market-by-Market Insights:
- Seattle set to recover, trailing SF’s recovery curve.
- LA is a “big question mark”, especially post-2028 Olympics—historically a challenge for host cities’ finances.

7. Deep-Dive: Downtown LA & Office Market Trends (32:43–34:19)

Downtown LA:
- Chronic underperformance, rental rates stagnant for 30 years.
  - “LA downtown has really never performed...rental rates are still where they were 30 years ago.” (33:05)
- Prediction: Other submarkets will outperform due to amenities, capital investment, and tenant movement.
West Coast Micro-Markets:
- Regret missing Bellevue, WA, which flourished due to favorable tax climate.
  - “Bellevue…probably should have gone into.” (34:27)
Return-to-Office Trends:
- Hybrid but trending consistently toward four to five days in office per week.
- Space per employee increasing; flexible, “fluid” office environments.
  - “Square foot per person has gone up…It’s even increasing more.” (36:45)

Memorable Quotes & Notable Moments

On Going Public (again):
“Nobody really goes public once, but nobody really goes public twice.” (15:08)
On LA’s Political Leadership:
“The city of LA’s not back to work full time. They’re not in their offices. It’s shocking. It’s the largest city in the country by far.” (24:04)
On Market Share in Studios:
“It doesn’t matter how much market share you have, but if there’s no market it’s irrelevant.” (30:43)
Advice for Industry Newcomers:
“If you don't know how to underwrite and have that sort of smell test that works, even as a real young person...I think that's the way to go.” (40:49)

Timestamps for Important Segments

Coleman’s background & post-Palisades fire reflections: 01:31–03:41
Career launch, Arden Realty, and mentorship: 04:30–08:44
Legendary Dubai closing dinner story: 08:35–13:23
Hudson Pacific’s IPO and public/private trade-offs: 13:23–20:10
San Francisco, Seattle, LA political & business climates: 20:10–29:16
Industry flight from LA & hopes for resurgence: 26:02–29:16
Future strategy for Hudson Pacific: 29:56–32:43
Downtown LA vs. other markets: 32:43–34:19
Return-to-work trends & office design evolution: 35:13–36:52
Golf club banter & favorite courses: 37:24–39:50
Advice for real estate newcomers: 40:49–41:56

Notable Personal Moments

Golf Talk & LA Golf Courses:
- Both Coleman and Kirsh swap stories about LA golf clubs; Coleman is a member at Riviera, Bel-Air, and Hillcrest, and favors Riviera as the “best course on the West Coast." (37:28–38:19)
- Humorous banter about golfing experiences and exclusive club rules.
International Travel Stories:
- Tales from Dubai and visiting the Taj Mahal—Coleman calls it “the most spectacular place I have ever seen.” (12:54–13:21)

Closing Advice for Young Real Estate Professionals (40:49–41:56)

Coleman: “The fact that somebody’s coming and say they want to be in real estate business is a smart thing to do because when the businesses are depressed, that’s when you’re going to get in...you got to have a good personality. You got to be out there. You got to want to shake hands...that’s the way to go.”

Takeaways

Real estate cycles are relentless; success often comes from timing, adaptability, and building strong relationships.
Urban markets are governed as much by politics and public leadership as by macroeconomics, with “pro business” policies creating significant city-level divergence.
LA’s entertainment infrastructure, once unassailable, is at risk without concerted leadership and investment.
For newcomers: Learn to network, underwrite, and read deals—skills AI can’t easily replicate.

wavePod

Hollywood Meets Real Estate: The Future of Studio & Office with Victor Coleman, CEO of Hudson Pacific Properties

Summary

The Kirsh Connection

Episode Overview

Key Discussion Points & Insights

1. Personal Background & Roots (01:31–04:30)

2. Career Journey: From Wall Street to Real Estate Mogul (04:30–08:35)

3. Memorable Moments in Real Estate (08:35–13:23)

4. The Evolution of Hudson Pacific Properties (13:23–20:10)

5. West Coast Real Estate Market Analysis (20:10–29:13)

6. Strategy and the Future of Hudson Pacific (29:56–32:43)

7. Deep-Dive: Downtown LA & Office Market Trends (32:43–34:19)

Memorable Quotes & Notable Moments

Timestamps for Important Segments

Notable Personal Moments

Closing Advice for Young Real Estate Professionals (40:49–41:56)

Takeaways

Transcript

Summary

The Kirsh Connection

Episode Overview

Key Discussion Points & Insights

1. Personal Background & Roots (01:31–04:30)

2. Career Journey: From Wall Street to Real Estate Mogul (04:30–08:35)

3. Memorable Moments in Real Estate (08:35–13:23)

4. The Evolution of Hudson Pacific Properties (13:23–20:10)

5. West Coast Real Estate Market Analysis (20:10–29:13)

6. Strategy and the Future of Hudson Pacific (29:56–32:43)

7. Deep-Dive: Downtown LA & Office Market Trends (32:43–34:19)

Memorable Quotes & Notable Moments

Timestamps for Important Segments

Notable Personal Moments

Closing Advice for Young Real Estate Professionals (40:49–41:56)

Takeaways