June 7, 2016
Los Angeles-based Hudson Pacific Properties is acquiring 11601 Wilshire Blvd. from a fund managed by Blackstone for $311-million. The 500,475-square-foot, 25-story tower is currently 83% leased and has served as Hudson Pacific’s corporate HQ since its IPO in July 2010.
Hudson Pacific says the acquisition of this iconic property provides it with an opportunity to create value by enhancing operations, leasing up vacant space, and re-leasing space at market rents above those currently in place. The 1031 reverse exchange transaction is expected to close no later than July 31, 2016.
Hudson Pacific also disposed of One Bay Plaza, a 195,739-square-foot office tower located at 1350 Bayshore Hwy. in Burlingame, CA for $53.4 million. Eastdil Secured represented the company in the sale.
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