Hudson Pacific Buys Seattle PortfolioMonday, July 1, 2013
L.A. real estate investment trust Hudson Pacific Properties announced Monday it is buying a Seattle office portfolio for $368 million.
The deal, Hudson’s first purchase outside California, is for four office buildings that total 836,000 square feet. The seller is Spear Street Capital of San Francisco.
Hudson’s properties in Los Angeles include the Sunset Gower Studios in Hollywood and the Culver City headquarters of the NFL Network.
“Seattle has long been a target market for us. We believe the region’s underlying economic fundamentals are among the best in the nation and rival those of San Francisco and West Los Angeles, two of our other core markets,” Victor J. Coleman, Chairman and Chief Executive Officer at Hudson Pacific Properties, said in a statement.
Hudson Pacific also announced Monday that it has purchased 3401 Exposition Boulevard in Santa Monica for $24.7 million from Watt Investment Partners.
Hudson will sell its City Plaza property in Orange for about $56 million to help finance the Seattle purchases.
Hudson Pacific shares were down less than 1 percent to $21.12 in Monday trading on the New York Stock Exchange.