The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 12, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Hudson Pacific Properties Collects $210 Mil from Sale of Six Buildings in San Mateo


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.

Return to the Archive page



The Foto Finisher


Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media