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Hudson Pacific, Macerich Close $700M Sale to U. of California
(Updated with additional information)
Hudson Pacific Properties, Inc. and Macerich said Wednesday they had sold One Westside and Westside Two in Los Angeles to the Regents of the University of California for $700 million. Hudson Pacific held a 75% interest and Macerich a 25% interest in the joint venture owning the assets, which total approximately 687,000 square feet.
“The opportunistic sale of One Westside and Westside Two significantly bolsters our balance sheet and we now have no debt maturities until year-end 2025,” said Victor Coleman, chairman and CEO of Hudson Pacific. “We transformed the former Westside Pavilion mall into a multi-award winning, modern and flexible campus environment that attracted not one, but two distinct large-scale, high-quality end-users, a testament to our ability to create value through development expertise, commitment to quality and strong relationships.”
Eastdil Secured arranged the sale. “Hudson Pacific Properties and Macerich executed an unprecedented conversion – transforming the former Westside Pavilion Mall into a state-of-the-art campus,” said Stephen Somer, managing director at Eastdil Secured. “The sale of the One Westside and Westside Two marks a highly successful exit and represents one of the largest and most significant property sales in Los Angeles in recent years.”
Connect CRE reported the pending sale last week. UCLA plans a research park for immunology and quantum science at the site.
Photo courtesy of Matt Construction.
- ◦Sale/Acquisition
