VITAL STATISTICS
ONE WESTSIDE and WESTSIDE TWO
10800, 10830 AND 10850 West Pico Blvd., Los Angeles
Deal Value: $700M
Hudson Pacific Properties, Inc., a unique provider of end-to-end real estate solutions for tech and media tenants, and Macerich, one of the nation’s leading owners, operators and developers of major retail and mixed-use properties in top markets, announced the sale of One Westside and Westside Two in Los Angeles to the Regents of the University of California for $700 million before prorations and closing costs. The deal closed on December 27, 2023.
Hudson Pacific held a 75% interest and Macerich a 25% interest in the joint venture that owned the assets, which total approximately 687,000 square feet. Hudson Pacific used net proceeds from the sale to repay amounts outstanding on its unsecured revolving credit facility. This transaction addresses the company’s debt maturities until December 2025, and further strengthens the company’s compliance with its unsecured revolving credit facility covenants as recently amended. UCLA announced it will transform the 687,000-square-foot property into a large-scale research park. Newmark’s Kevin Shannon, Ken White, Laura Stumm, Rob Hannan and Mike Moll represented the seller, Macerich, in the transaction.
VITAL STATISTICS
THE MIX
8420, 8440, 8500, 8510 and
8550 Balboa Blvd., Northridge
Deal Value: $170M
Newmark arranged the sale of The Mix, a five-building, 760,521 square foot mixed- use campus in Northridge, California. The asset sold for $170.5 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm represented the seller, a partnership between DRA Advisors and Shubin Nadal Realty Investors. The buyer was a joint venture between Affinius Capital LLC) and Pendulum Property Partners.
The property, situated on a 40-acre site‚ was 74% leased at the time of sale, the campus has since grown to become the headquarters for Regal Medical Group and HemaCare, among other tenants. Befitting its name, “The Mix” property has office, industrial, R&D, and retail components.
VITAL STATISTICS
AON CENTER
707 Wilshire Blvd., Los Angeles
Deal Value: $147.8M
In December, Colliers arranged the $147.8 million acquisition of Aon Center, a 1.1 million square foot office tower at 707 Wilshire Boulevard, on behalf of Carolwood LP, Daniel Abrams, and Adam Tischer. The transaction marks the largest post-pandemic office sale in downtown Los Angeles and the only tower to trade over one million square feet since 2020.
Colliers brokers Sean Fulp and Adam Tischer assembled the ownership group and provided buyer advisory services throughout the acquisition via a lender- facilitated sale. The successful sale of Aon Center caps a transformative year of growth and expansion for Colliers’ integrated investor services advisory practice.
