LOS ANGELES–Hudson Pacific Properties, Inc. (“Hudson” or the “Company”) (NYSE: HPP) today announced it has completed the sale of its First Financial office property in Encino, California to Douglas Emmett, Inc. for $89.0 million, resulting in net proceeds to the Company of approximately $46.0 million (before certain credits, prorations and closing costs) after repayment of a $43.0 million loan secured by the property.
Hudson intends to use net proceeds from the disposition pursuant to a like-kind exchange under the Internal Revenue Code Section 1031 to purchase the Equity Office Properties’ San Francisco Peninsula and Silicon Valley portfolio from Blackstone Real Estate Partners V and VI.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California and the Pacific Northwest. The Company’s portfolio currently consists of approximately 6.8 million square feet, not including undeveloped land that can support approximately another 1.4 million square feet. Hudson has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes, and is a component of the Russell 2000® and the Russell 3000® indices.