Hudson Pacific Properties, Inc. (NYSE: HPP) today announced the
sale of its Patrick Henry Drive office property in Santa Clara,
California to an affiliate of KT Properties Urban, Inc. for $19 million
before certain credits, prorations, and closing costs. The sale was an
all-cash, off-market transaction. Hudson Pacific acquired the
70,520-square-foot R&D office building as part of the San Francisco
Peninsula and Silicon Valley portfolio purchased in April 2015 from
Blackstone. The asset, located at 3055 Patrick Henry Drive, was entirely
vacant at the time of sale.
“Patrick Henry Drive was a non-core holding in our portfolio, and we
elected to sell the property after receiving a compelling unsolicited
offer above our purchase price allocation," said Victor Coleman,
Chairman and CEO of Hudson Pacific Properties. “Given the strength of
our markets and number of qualified buyers, we continue to evaluate
disposition opportunities for a select group of assets.”
Tom Trombatore of Colliers International represented the buyer in the
transaction.
About Hudson Pacific Properties
Hudson Pacific Properties is a vertically integrated real estate company
focused on acquiring, repositioning, developing and operating
high-quality office and state-of-the-art media and entertainment
properties in select West Coast markets. Hudson Pacific invests across
the risk-return spectrum, favoring opportunities where it can employ
leasing, capital investment and management expertise to create
additional value. Founded in 2006 as Hudson Capital, the company went
public in 2010, electing to be taxed as a real estate investment trust.
Through the years, Hudson Pacific has strategically assembled a
portfolio totaling approximately 17 million square feet, including land
for development, in high-growth, high-barrier-to-entry submarkets
throughout Northern and Southern California and the Pacific Northwest.
The company is a leading provider of design-forward, next-generation
workspaces for a variety of tenants, with a focus on Fortune 500 and
industry-leading growth companies, many in the technology, media and
entertainment sectors. As a long-term owner, Hudson Pacific prioritizes
tenant satisfaction and retention, providing highly customized
build-outs and working proactively to accommodate tenants’ growth.
Hudson Pacific trades as a component of the Russell 2000® and the
Russell 3000® indices. For more information visit HudsonPacificProperties.com.
Forward-Looking Statements
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and contingencies, many of which are beyond the company’s control, which
may cause actual results to differ significantly from those expressed in
any forward-looking statement. All forward-looking statements reflect
the company’s good faith beliefs, assumptions and expectations, but they
are not guarantees of future performance. Furthermore, the company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying assumptions
or factors, of new information, data or methods, future events or other
changes. For a further discussion of these and other factors that could
cause the company’s future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors” in
the company’s Annual Report on Form 10-K for the year ended December 31,
2015 filed with the Securities and Exchange Commission, or SEC, on
February 26, 2016, and other risks described in documents subsequently
filed by the company from time to time with the SEC.
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