
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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition