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May 28, 2020
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Hudson Pacific Properties and Blackstone Property Partners Form Venture to Acquire and Renovate 1.45 msf Asset in Vancouver, Canada


Hudson Pacific Properties Inc is teaming up in a joint venture with an affiliate of Blackstone Property Partners (BPP) to acquire and renovate the 1.45 msf Bentall Centre office and retail complex in Vancouver, Canada. Hudson Pacific will own 20% of the joint venture and serve as the Operating Partner responsible for day-to-day operations and development. Blackstone will own 80% and serve as the Managing Partner. The transaction is expected to close in the second quarter of this year.

Victor Coleman, Chairman and CEO of Hudson Pacific, said ďWe have always viewed Vancouver, with its proximity to Seattle, growing tech and media industries, high quality of life and favorable immigration policies as a natural expansion market for our office and studio portfolios. Bentall Centre is one of the cityís preeminent office and retail properties and a landmark of Downtown Vancouver. The acquisition will provide us with immediate scale in the cityís Financial Core, as well as the opportunity to create substantial value through Hudson Pacificís tailored repositioning strategy, and the eventual development of additional premier office space.Ē

The joint venture for Bentall Centre between Hudson Pacific and Blackstone represents the continuation of a long-standing relationship between the two firms. In total, the parties have completed four transactions in recent years, with the largest being Hudson Pacificís $3.5 bil purchase of the former Equity Office Properties San Francisco Peninsula and Silicon Valley office portfolio in 2015.

Bentall Centre contains four Class A office towers (Bentall I-IV) totaling 1.3 msf, as well as 140k sf of amenity-oriented, at-grade and concourse-level retail space in the heart of Vancouverís Downtown Financial Core. The office space is 97% leased, with current major tenants including Bank of Montreal, Deloitte Management Services, WeWork, CIBC World Markets, and Absolute Software. Located on nearly five acres at the intersection of Burrard and Dunsmuir Streets, Bentall Centre affords excellent connectivity to Vancouverís major arterial thoroughfares, and direct access through the retail promenade to the Burrard SkyTrain Station, with over 44,000 passengers entering and exiting each day.

In addition to fully renovating the retail promenade, the joint venture plans to substantially upgrade the indoor and outdoor common areas at Bentall I-IV. Improvements will include signage and wayfinding; furniture, finishes and fixtures; and landscaping. The purchase also affords the ability to build by-right another office tower, one of the few remaining large-scale office development opportunities in Vancouverís Downtown Financial Core.

All four existing office towers are BOMA Canada Level 2 certified, and Bentall I, II, and III are LEED Gold certified, while Bentall IV is LEED-EBOM Platinum.

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