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12/08/25
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Hudson Pacific Properties has sold its 284k sf Element LA office campus in West Los Angeles in a deal worth $231 mil. The asset, located at 12333 West Olympic Blvd, was acquired by Riot Games, the property’s tenant, in a transaction that consisted of $150 mil for the property and $81 mil for the termination of its existing lease.
Transfer taxes for the sale transaction were paid by the buyer. Hudson Pacific used the gross proceeds from the sale of the property and the termination of the lease to repay $206 mil of CMBS debt associated with the property, with the remainder available for general corporate purposes.
Hudson Pacific acquired the various office and warehouse assets for $101 mil over a decade ago and successfully transformed, redeveloped and leased up the property as a creative office campus.
"With the sale of Element LA, we're realizing the value we've created through our successful transformation and full stabilization of this asset,” said Victor Coleman, CEO and Chairman of Hudson Pacific. "This strategic capital recycling further strengthens our balance sheet through additional debt reduction while enhancing our liquidity to reinvest into growth opportunities within our existing portfolio, especially throughout the Bay Area and Seattle, where we're seeing the strongest leasing momentum."
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