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Friday, Sep 29, 2023

Hudson Pacific Properties Sells Office Building, Land for $35 million

Hudson Pacific Properties Inc. has sold an office building and an adjacent 1.2-acre plot of land in Santa Monica for $35 million to Santa Monica-based solar power provider Cypress Creek Renewables. The deal closed March 21 and was announced this week.

The 50,700-square-foot office building at 3402 Pico Blvd. sold for $22 million. The land that spans 2337-2403 S. Centinela Ave. sold for nearly $13 million.

Hudson Pacific, based in Brentwood, purchased the office building for $18.5 million in an all-cash deal in February 2014. Then vacant, it was once headquarters for the National Academy of Recording Arts and Sciences. Hudson Pacific also snapped up the adjacent 1.2-acre lot at that time.

Hudson Pacific said it intends to use net proceeds from the sale toward its pending acquisition of Hollywood Center Studios, which is expected to close May 1.

In January, Hudson Pacific entered into contract to acquire the nearly 15-acre media and entertainment campus in Hollywood for $200 million from Studio Management Services Inc., according to a February SEC filing.

The studio at 1040 N. Las Palmas Ave. has played host to television shows such as “I Love Lucy,” “The Addams Family,” and “The Cosby Show,” as well as films including “The Karate Kid” and “When Harry Met Sally,” according to its website.

Residential real estate reporter Helen Zhao can be reached at hzhao@labusinessjournal.com. Follow her on Twitter @zhaomeow.

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