Hudson Pacific Divests Two Santa Monica Offices for $73M
Hudson Pacific Properties, Inc. said Friday that it divested through separate transactions two Santa Monica office properties, 604 Arizona Ave. and 3401 Exposition Blvd., for aggregate gross proceeds of $72.5 million before prorations and closing costs. The buyers weren’t disclosed.
Combined, the two sales will result in approximately a $22-million gain to be recognized in the third quarter, Hudson Pacific said. The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility.
Earlier this month, the REIT announced its second-quarter results, and chairman & CEO Victor Coleman acknowledged the impact of the Hollywood strikes. “We continued to focus on the controllable aspects of our business during the quarter, which included leasing and expense management, given the industry challenges we are working to navigate,” said Coleman. “Last month, the national entertainment strike expanded, with the actors joining the writers on strike for the first time since 1960. A strike of this magnitude, while rare and historically short-term, can be extremely impactful and far-reaching.”
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).