An unknown buyer entered into an agreement to acquire 9300 Wilshire LLC from Hudson Pacific Properties, Inc. for approximately $170 million.
January 10, 2018
Share
An unknown buyer entered into an agreement to acquire 9300 Wilshire LLC from Hudson Pacific Properties, Inc. (NYSE:HPP) for approximately $170 million in December 2017. The consideration involves payment of $136 million for Embarcadero Place, $22.5 million for Building 6 in Peninsula Office Park and $13.8 million for 9300 Wilshire. Hudson Pacific has entered into separate agreements for each of the properties. The transaction is expected to close by the end of January 2018. On January 25, 2018, Embarcadero Place was sold for $136 million before credits, prorations and closing costs. On January 31, 2018, Building 6 in Peninsula Office Park was sold for $22.5 million before credits, prorations and closing costs. The transaction for 9300 Wilshire is expected to close on March 1, 2018. On April 10, 2018, 9300 Wilshire was sold for $13.8 million. Hudson Pacific expects to designate proceeds generated from these dispositions to purchase one or more to-be-identified assets in like-kind exchanges under Internal Revenue Code Section 1031. As of Feb 15, 2018, proceeds from the sale of Embarcadero Place is anticipated to be ultimately used prior to the end of March 31, 2018, to repay amounts outstanding under Hudson Pacific Properties's unsecured revolving credit facility. Proceeds from the sale of Building 6 in Peninsula Office Park were used to repay amounts outstanding under Hudson Pacific Properties's unsecured revolving credit facility.
Hudson Pacific Properties, Inc. is a real estate investment trust serving technology and media tenants. The Company acquires, repositions, develops and operates sustainable office and studio properties in high-barrier-to-entry technology and media epicenters. The Company's segments include office segment and studio segment. The Company's portfolio includes office properties, studio properties, land properties and production services assets. Its studio properties comprise of approximately 48 stages, sound stages and production-supporting office, and other facilities. Its land properties comprise of undeveloped density rights for future office, studio and residential space. The Company's production services assets comprise of vehicles, lighting and grip, production supplies and other equipment and the lease rights to an additional approximately 27 sound stages. It owns real estate in California, the Pacific Northwest, Western Canada and Greater London, United Kingdom.