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Thursday, Sep 28, 2023

Hudson Pacific Launches Impact Investing Platform

Brentwood-based developer Hudson Pacific Properties Inc. has launched an impact investing platform dubbed EquiBlue. The platform aims to provide more opportunities for women and people of color.

EquiBlue was launched April 14 with a Black- and women-led team.
The group will manage funds for institutional investors with an initial goal of $300 million. The funds will be used to transform obsolete properties into office and mixed-use spaces to help disadvantaged communities. EquiBlue is hoping to lease spaces to tech and media tenants as well as community businesses owned by women and people of color.

“Commercial development plays a key role in shaping the makeup of a community. The last few years inspired a renewed focus for businesses to attract and retain diverse talent beyond city centers and to empower communities,” Chris Pearson, the fund’s co-manager, said in a statement. “With EquiBlue, we hope to create a new blueprint for real estate investors and corporate tenants alike to be more intentional in promoting holistic economic inclusion and avoiding gentrification.”

EquiBlue’s initial fund will return 25% of its carried interest profits to Community Development Financial Institutions and community partners to create small business loans and grant programs.
In addition to L.A., EquiBlue will also work in the Bay Area, Seattle and Vancouver, all core markets for Hudson Pacific.

Hudson Pacific and CBRE Group Inc. will commit at least 20% of the total capital commitment for the initial fund.
“EquiBlue is a natural extension of our industry-leading Better Blueprint ESG program, through which we’ve consistently found innovative ways to leverage our expertise to bring positive change to our business and industry, and strengthen the communities in and around our core markets,” Victor Coleman, Hudson Pacific’s chief executive, said in a statement. CBRE will provide investment and leasing services for the platform, as well as property and construction management.

“EquiBlue is a groundbreaking vehicle that will spur crucially needed investment and economic activity in under-resourced communities,” Lew Horne, CBRE’s president of advisory services in Greater Los Angeles, Orange County and Inland Empire, said in a statement.

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