October 11, 2016
Hudson Pacific Properties Inc. joined forces with Canada Pension Plan Investment Board to acquire the nearly completed, 285,680-square-foot Hill7, an office building at 1099 Stewart St. in Seattle’s Denny Triangle neighborhood. Hudson Pacific will own 55%, and take on responsibility for property management, leasing and construction, while CPPIB will have the remaining 45% interest.
The sellers were developers Touchstone by URG and Prudential Real Estate Investors. In conjunction with the acquisition, the joint venture closed a 10-year, secured, non-recourse loan in the amount of $101 million from a prominent institutional lender at a fixed rate of 3.38%.
The 11-story building is 80.4% occupied, with HBO and Redfin as anchor tenants. The buy is CPPIB’s first in Seattle.
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