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August 21, 2018
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Hudson Pacific Properties Collects $210 Mil from Sale of Six Buildings in San Mateo

7/31/18

Hudson Pacific Properties Inc has sold the remaining six buildings of Peninsula Office Park in San Mateo for $210 mil before credits, prorations and closing costs. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes.

“The sale of Peninsula Office Park’s remaining six buildings exemplifies our approach to recycling capital to further focus on strategic holdings in our core markets,” said Victor Coleman, Hudson Pacific’s Chairman and CEO. “We will continue to enhance our already high-caliber office portfolio by capitalizing on favorable market conditions, and we are always looking for creative ways to maximize value for our shareholders. We intend to re-deploy proceeds from this successful two-part sale to fund prudent, long-term growth, including the acquisition of higher-yielding opportunities.”

Buildings 1-5 and 7 of Peninsula Office Park total 447.7k sf, and, as of the end of the first quarter of this year, were 83% occupied. Hudson Pacific sold the fully vacant 63k sf Building 6 in January of this year for a total of $22.5 mil before prorations, credits and closing costs.

The all-cash transaction represents a 5.1% premium to the company’s GAAP basis and a 15.4% premium to the allocated purchase price.




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