**Hudson Pacific Sells Element LA Campus for $231 Million**
Hudson Pacific Properties, Inc. has completed the sale of Element LA, a 284,000-square-foot office campus located in West Los Angeles. The property was sold for $150 million, with an additional $81 million received as payment for the termination of the existing lease agreement.
According to CoStar Group, the buyer is Riot Games, the longtime tenant of the campus. Combined proceeds from the sale and the lease termination total $231 million, which Hudson Pacific used to pay down $206 million in CMBS debt tied to the property.
Hudson Pacific originally acquired the site—comprised of various office and warehouse assets—over a decade ago for $101 million. The company subsequently redeveloped and leased the property, transforming it into a creative office campus.
“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,” said Victor Coleman, CEO and Chairman of Hudson Pacific.
The sale marks a significant milestone as Hudson Pacific continues to optimize its portfolio and focus on high-performing growth markets.
