By Jon Peterson
Los Angeles-based Hudson Pacific Properties has a signed contract to sell its Campus Center asset and some adjacent land in Milpitas in two separate transactions for approximately $150 million, as was stated by the public REIT in its first quarter 2019 earnings report. It did not identify in the report who the buyer is, however, sources familiar with the transaction have stated that the buyer of the building will be a venture between capital source PCCP and operating partner Embarcadero Capital Partners. Representatives of both of these firms did not respond after being contacted for this story.
The deal has closed yet. Hudson Pacific stated in its conference call for its first quarter of 2019 earnings that the transaction is projected to close sometime before the end of the second quarter.
The Campus Center development is located at 115-155 North McCarthy Boulevard. This project has two separate parts. One is an existing 471,580 square foot office campus. This involves three repositioned office/R&D buildings that are ready for new tenants. The leasing efforts on this project are being done by the San Jose office of Cushman & Wakefield. The listing agents are Steve Horton, vice chairman, Erik Hallgrimson and Brandon Bain, both executive managing directors, and Kelly Yoder, director.
The project also has some adjacent land that can be used for new development, on the order of an additional 950,000 square feet.
Hudson Pacific is a major owner of office buildings in the San Francisco Bay Area. Its assets are located in San Francisco, North San Jose, Palo Alto, Redwood Shores and Santa Clara.