Hudson Pacific Raises $72 Million with Sale of Two Los Angeles Office Properties

Rhea-AI Summary

Hudson Pacific Properties divests two office properties for $72.5 million, resulting in a $22 million gain

Dispositions to result in $22 million gain

LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, announced today that it has divested through separate transactions two Los Angeles office properties, 604 Arizona and 3401 Exposition, for aggregate gross proceeds of $72.5 million before prorations and closing costs.

Combined, the two transactions will result in approximately a $22 million gain to be recognized in the third quarter.

The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility.

About Hudson Pacific Properties

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230825967209/en/

Investor Contact

Laura Campbell

Executive Vice President, Investor Relations & Marketing

(310) 622-1702

lcampbell@hudsonppi.com



Media Contact

Laura Murray

Senior Director, Communications

(310) 622-1781

lmurray@hudsonppi.com

Source: Hudson Pacific Properties, Inc.