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9/28/26
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A two-building office complex totaling 284k sf in downtown San Francisco has traded for $65.5 mil ($230/sf). The properties, 875 and 899 Howard, were sold by L.A.-based Hudson Pacific Properties. The firm acquired the assets in 2007 for $46 mil and later converted roughly 85k sf of retail into office space.
875 Howard is a six-story, 188k sf office building that was 36% occupied at the time of sale, with its remaining major lease expiring next year. 899 Howard, a 96k sf former retail building, was fully vacant at the time of sale. Hudson Pacific secured entitlements to convert two floors of 899 Howard to office use before the sale, enhancing its appeal to buyers.
Together with the previously announced sale of 2001 Gateway in North San Jose, Hudson Pacific has completed $90.5 mil of asset sales in the third quarter. The company intends to use net proceeds for general corporate purposes.
"The sale of 875 and 899 Howard reflects our disciplined approach to recycling capital out of non-core assets," said Victor Coleman, Chairman and CEO of Hudson Pacific. "Our team's deep understanding of San Francisco's growing office demand guided the repositioning of 899 Howard, and the sale eliminates significant capital and re-leasing risk while enhancing our financial flexibility. We will continue executing our disposition program and driving lease-up across our portfolio."
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