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Hudson Pacific Divests California Assets for $255M
Los Angeles-based Hudson Pacific Properties, Inc. is divesting four office assets in California for aggregate gross proceeds of $254.8 million before credits, prorations and closing costs. The company has entered into separate agreements with undisclosed buyers for each of the properties.
The properties under contract to be sold are:
– 2180 Sand Hill, a 45,613-square-foot office property in Menlo Park for $82.5 million
– Embarcadero Place, a 197,402-square-foot office campus in Palo Alto for $136 million
– Peninsula Office Park’s 63,050-square-foot Building 6 in San Mateo for $22.5 million
– 9300 Wilshire, a 61,422-square-foot office property in Beverly Hills for $13.8 million
The transactions are all expected to close by the end of this month. The company expects to designate proceeds generated from these dispositions to purchase one or more to-be-identified assets in 1031 exchanges.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
