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Hudson Pacific Selling Burbank Assets to Blackstone for $350M

Hudson Pacific Properties is selling its 65% joint venture interest in Burbank, CA’s Pinnacle I and II ownership entity to affiliates of Blackstone Group L.P., based on a $350 million combined sale price. The disposition is expected to close by November 1, 2017.

The 625,641-square-foot property consists of two, Class A, six-story office buildings at 3300 and 3400 West Olive Ave. on a four-acre campus. Hudson acquired and owns both properties through a JV with M. David Paul & Associates/Worthe Real Estate Group.

Hudson Pacific Properties’ Victor Coleman says, “…our sale of Pinnacle, which will close in the fourth quarter, demonstrates our success in disposing of non-strategic assets, and will enable us to focus on higher return opportunities in submarkets we believe are poised for continued outperformance.”

The sale is subject to approval of loan assumptions, and will result in net proceeds of roughly $85 million.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition