Hudson Pacific Properties Inc. said it has completed an $89 million acquisition of the Olympic-Bundy Media Campus, for which it plans major improvements.
The West Los Angeles real estate company said that it plans to reposition the 11.6-acre complex at South Bundy Drive and West Olympic Boulevard now that its purchase from limited liability company MGP VIII is complete.
The complex comprises four buildings totaling about 233,600 square feet, of which 84,200 square feet is vacant. Nearly two thirds of the space is leased through May to the Rubicon Project, an online advertising technology company.
“The acquisition represents an exciting opportunity to leverage our design, repositioning and leasing expertise and create significant value for our shareholders,” said Chief Executive Victor J. Coleman in a statement.
Hudson Pacific has a portfolio that includes the Santa Monica offices of Google Inc., Hollywood’s Sunset Gower Studios and Sunset Bronson Studios,
Shares closed up nearly 1 percent to $18.31 on the New York Stock Exchange.