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Hudson Pacific Sells San Mateo Office Campus for $210M
Los Angeles-based Hudson Pacific Properties, Inc. divested the remaining six buildings of Peninsula Office Park in San Mateo, CA for $210 million. The buyer was reportedly a joint venture between Invesco and Emeryville-based Harvest Properties.
Hudson Pacific’s Victor Coleman says, “The sale of Peninsula Office Park’s remaining six buildings exemplifies our approach to recycling capital to further focus on strategic holdings in our core markets.”
Located at 2655-2955 Campus Dr., Buildings 1-5 and 7 of Peninsula Office Park total 447,739 square feet, and, as of the end of Q1 2018, were 83% occupied. Hudson Pacific sold the fully vacant 63,050-square-foot Building 6 in January of this year for $22.5 million.
The all-cash transaction represents a 5.1% premium to the company’s GAAP basis, and a 15.4% premium to the allocated purchase price. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes.
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- ◦Sale/Acquisition
