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9/30/15
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H&Q Asia Pacific, an Asian private equity firm, closed on a major Bay Area office purchase, paying $90 mil for Bay Park Plaza, a Class A, 260.2k sf ($346/sf) property in Burlingame. The two-building complex, located at 555 and 577 Airport Blvd, was sold by Hudson Pacific Properties Inc.
The 13-acre waterfront site is two miles from the San Francisco International Airport. Virgin America occupies the majority of 555 Airport Blvd, which serves as its corporate headquarters.
Hudson Pacific acquired the asset as part the San Francisco Peninsula and Silicon Valley office portfolio purchased earlier this year from Blackstone. Hudson Pacific used proceeds from the transaction to pay down a portion of its $550 mil, two-year term facility.
Eastdil Secured represented Hudson Pacific and Alain Pinel Realtors represented H&Q Asia Pacific in the transaction. The sale was an all-cash transaction.
“By selling Bay Park Plaza, we’re disposing of a non-strategic asset at a premium to our original purchase price allocation as part of the Blackstone portfolio,” said Victor Coleman, Chairman and CEO of Hudson Pacific Properties. “The transaction highlights our ability to generate additional value from these newly acquired properties, and is another sign of the Bay Area economy’s strength.”
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