By Kate Snyder
After listing it on the market last year, Hudson Pacific Properties has sold the Skyway Landing office property in San Carlos, according to the firm’s recently released financial report for the fourth quarter of 2022. The 246,997 square foot office building sold for $102 million, or approximately $412 per square foot. Information on the buyer has not yet been released.
Last year, the Los Angeles-based company placed the office property on the market for sale. The listing agent was the San Francisco office of Eastdil Secured. Hudson Pacific Properties was the owner of the property for nearly seven years, having originally paid $104.4 million for the asset in April 2015.
Skyway Landing is a two-building office property located at 959 and 999 Skyway Road. The asset is a LEED certified property and features EV charging stations for electric cars. There also is a dedicated Hudson Pacific Properties Caltrain shuttle to the Hillsdale Caltrain Station. Nearby businesses include the Grand Bay Hotel San Francisco, Hiller Aviation Museum and the San Carlos Business Park. The property is also near downtown Redwood City and Redwood Shores.
Hudson Pacific is a public real estate investment trust that owns a number of Bay Area properties in San Francisco, Palo Alto, Redwood Shores, North San Jose and Santa Clara. Its assets in the Redwood Shores submarket include four buildings totaling approximately 950,262 square feet.
“In 2022, we stayed focused on areas of the business that we can control, leveraging our unique expertise and full-service platform to successfully advance our strategy to own and lease highly amenitized, collaborative and sustainable office and studio properties in highly desirable locations,” Victor Coleman, Hudson Pacific Properties chairman and CEO, said in the released report. “As we head into 2023, with $1 billion of liquidity and the majority of our debt fixed or capped, we are focused on prudent capital management and are well positioned to fund our under-construction projects and aggressive leasing efforts. We remain confident in our business’s long-term fundamentals, as we effectively navigate today’s market and prepare for the next cycle, all with an eye towards unlocking value for shareholders.”
This story is developing and will continue to be updated as details become available.
