Hudson Pacific Properties Inc. has bought a 12-story office building on Hollywood Boulevard from real estate company CIM Group for $92.5 million.
The Los Angeles real estate investment trust late Monday said 6922 Hollywood Blvd. is fully leased to media, entertainment and retail tenants. The 202,522-square-foot, built in 1967 and last renovated five years ago, is headquarters for seller CIM Group, which invests and develops urban commercial and residential properties. The price includes assumption of a $42.2 million loan that is due in January 2015.
The deal is Hudson's seventh acquisition in 12 months. “This transaction marks our fourth Hollywood property … as we build on the burgeoning presence of the media and entertainment industries in this submarket,” said Chief Executive Victor Coleman in a statement.
Shares on Tuesday were down 7 cents, or less than 1 percent, to $11.77 in midday trading on the New York Stock Exchange.
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