Los Angeles, January 19, 2016 ̶ Hudson Pacific Properties, Inc. (NYSE: HPP) today announced the sale of Bayhill Office Center in San Bruno, California to online video distribution company YouTube for $215.0 million before certain credits, prorations, and closing costs. The sale was an all-cash, off-market transaction. Hudson Pacific acquired the 554,328-square-foot Class A office campus as part of the San Francisco Peninsula and Silicon Valley portfolio purchased in April 2015 from Blackstone.
“Our sale of Bayhill Office Center highlights continued strong demand from the world’s leading technology companies for high-quality office space along the Peninsula,” said Victor Coleman, Chairman and CEO of Hudson Pacific Properties. “The asset was non-core to our portfolio, and we sold it at a premium to our original purchase price allocation as part of the Blackstone portfolio acquisition.”
About Hudson Pacific Properties
Hudson Pacific Properties is a vertically integrated real estate company focused on acquiring, repositioning, developing and operating high-quality office and state-of-the-art media and entertainment properties in select West Coast markets. Hudson Pacific invests across the risk-return spectrum, favoring opportunities where it can employ leasing, capital investment and management expertise to create additional value. Founded in 2006 as Hudson Capital, the company went public in 2010, electing to be taxed as a real estate investment trust. Through the years, Hudson Pacific has strategically assembled a portfolio totaling approximately 16.8 million square feet, including land for development, in high-growth, high-barrier-to-entry submarkets throughout Northern and Southern California and the Pacific Northwest. The company is a leading provider of design-forward, next-generation workspaces for a variety of tenants, with a focus on Fortune 500 and industry-leading growth companies, many in the technology, media and entertainment sectors. As a long-term owner, Hudson Pacific prioritizes tenant satisfaction and retention, providing highly customized build-outs and working proactively to accommodate tenants’ growth. Hudson Pacific trades as a component of the Russell 2000® and the Russell 3000® indices. For more information visit HudsonPacificProperties.com.