Hudson Pacific Buys SF Properties, Declares DividendFriday, September 9, 2011
Hudson Pacific Properties, a Los Angeles-based real estate investment trust, announced Friday it had acquired two San Francisco office buildings for $68.7 million. The company’s board also announced a third-quarter dividend.
The REIT paid $56.4 million for a building on Second Street, which has 137,000-square feet and is completely leased. Hudson paid $12.3 million for a building on Brannan Street, which has 50,000 square feet and is currently vacant.
Chief Executive Victor Coleman said these additions bring Hudson’s footprint in Northern California to more than 2.2 million square feet and the company’s total portfolio to more than 4.2 million square feet.
In a separate action, Hudson’s board declared a quarterly dividend on its common stock of 12.5 cents a share payable Sept. 30 to stockholders of record on Sept. 20.
Shares of Hudson fell 22 cents, or 2 percent, to $12.94 by mid-day on the New York Stock Exchange.