December 14, 2016
Los Angeles-based Hudson Pacific Properties, Inc. completed a $150-million leasehold interest transaction involving a five-asset office campus in Silicon Valley. The seller was a joint venture owned by Lionstone Investments and CalSTRS.
Page Mill Hill is a 182,676-square-foot property in Palo Alto, CA’s Stanford Research Park, where Hudson Pacific holds six properties comprising more than one million square feet. The REIT is the largest office landlord in the park, a university-affiliated business center focused on innovation and R&D.
Hudson Pacific’s Victor Coleman says, “We see an opportunity to make our signature improvements to Page Mill Hill to drive leasing demand and capture the mark-to-market on rents as leases roll.”
Hudson Pacific has become the the largest institutional owner of office space in Silicon Valley, with 22 assets totaling more than seven million square feet.
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