Real Estate Firms Max Out for Becerra

Commercial property owners across California should watch how this shift in campaign giving could affect state development policy.

Updated on Nov. 3, 2026 in Commercial

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Hudson Pacific Properties donated the one-time maximum of $39,200 to Xavier Becerra's California governor campaign, according to campaign finance records. Douglas Emmett CEO Jordan Kaplan and Kilroy Realty made the same $39,200 donation to Becerra, as Los Angeles-based commercial real estate firms backed the Democrat's bid.

Why it matters

Commercial landlords and developers are weighing which gubernatorial candidate may shape state policy on office property, permitting and taxes that affect building values across California. The donations came after the same firms had given heavily to Matt Mahan, who lost the June primary, so the shift shows how the real estate sector is repositioning its political support.

Hudson Pacific Properties, Douglas Emmett and Kilroy Realty each gave $39,200, the one-time maximum per donor, to Becerra. The same firms had previously given $78,400 apiece to Mahan, a sharp change in direction for the commercial real estate donor base.

The players

Hudson Pacific Properties

A Los Angeles-based office and media real estate investment trust with a large commercial portfolio in California.

Douglas Emmett

A Santa Monica-based office real estate company whose CEO and chair Jordan Kaplan is a major donor in the state.

Kilroy Realty

A Los Angeles commercial real estate developer and owner of office and life-science properties across Southern California.

Xavier Becerra

The Democratic candidate for California governor who leads the UC Berkeley poll with 61 percent of likely voters.

The details

Campaign finance records show Hudson Pacific Properties and Douglas Emmett CEO and chair Jordan Kaplan each gave the maximum amount allowed per donor to Becerra's campaign. Kilroy Realty also gave $39,200, and Angela Aman, who previously gave $10,000 to Mahan, is recorded in the filings. Becerra also received donations from George Marcus, Jaime Lee, Jeff Worthe, the Sobrato family and Don Bren's Irvine Company, according to the same records.

March: Hudson Pacific donated $78,400 to Matt Mahan.
June: Mahan lost the June primary.
November 2, 2026: Hudson Pacific donated $39,200 to Becerra.

The Home Front

Commercial real estate has been under pressure from remote work and high vacancy in Los Angeles office markets, which makes state policy on development a recurring concern for owners. The donations place this sector's political spending alongside the broader trend of landlords seeking influence over California's regulatory environment.

If you own or manage commercial property in California, review your firm's exposure to state permitting and development rules before the general election. Keep a record of any political contribution policies your company follows so you can answer questions from tenants or investors about how the firm is engaging with state government.

The takeaway

Commercial real estate firms have shifted their giving toward Becerra after backing Mahan, which signals where the sector expects future state policy to land. Check campaign finance disclosures for any candidate whose positions could affect your property's zoning, taxes or permitting costs.