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January 18, 2022
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Hudson Pacific Properties Closes on $119 Mil Seattle Office Buy


Hudson Pacific Properties Inc has purchased a leasehold interest in 5th & Bell, a 197k sf office building in Seattle, for $119 mil, or $602/sf. The property’s office component, which comprises approximately 192k sf, is fully leased to Amazon. The remaining term on the ground lease is 50 years.

The property is located at 2301 5th Ave, in Seattle’s Belltown neighborhood, at the intersection of South Lake Union and Denny Triangle. The six-story, LEED Gold-certified property features large floorplates and a modern lobby, as well as numerous onsite amenities, including an expansive outdoor deck, an end-of-trip facility with showers, lockers and bike storage, retail and ample parking.

With the acquisition of 5th & Bell, Hudson Pacific’s Class A portfolio in the thriving Denny Triangle submarket has grown to nearly 2 msf. It includes 1918 Eighth, Hill7, Met Park North, as well as the company’s planned state-of-the-art Washington 1000 development, which will be surrounded by new streetscaping and amenities associated with the Washington State Convention Center addition. In aggregate, Hudson Pacific’s Greater Seattle portfolio now totals nearly 3 msf.

“With the purchase of 5th & Bell and 1918 Eighth, we have nearly doubled our portfolio of premier quality, long-term credit-tenant anchored office assets in the dynamic Denny Triangle submarket—and we have done so through transactions that are immediately accretive to the company,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “Our portfolio uniquely positions us to preserve and create value for our shareholders in Seattle, which remains one of the strongest office markets in the country.”

Hudson Pacific funded the acquisition with a combination of proceeds from the company’s recently closed preferred stock offering and a $75 mil draw on its revolving credit facility.

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