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Hudson Pacific Divests Former WeWork Space in LA Arts District
Hudson Pacific Properties has closed on the sale of a non-core office property, Maxwell, located in the Los Angeles Arts District, for $46 million before prorations and closing costs. The property at 1019 E. Fourth Pl. was formerly occupied by WeWork and is now home to beverage manufacturer Califia Farms.
The buyer was not disclosed. Hudson Pacific used net proceeds to repay amounts outstanding on its unsecured revolving credit facility. Including its Foothill Research Center office property which is under contract and expected to close in first quarter of this year, the company will have executed on a total of $93.8 million in non-core asset sales since mid-November last year, with additional sales expected to follow.
“We continue to make strong progress in our efforts to monetize non-core assets at favorable pricing and in a timely manner,” said Victor Coleman, chairman and CEO.
- ◦Sale/Acquisition
