Hudson Pacific Properties, Inc. announced on Friday that it had divested two Santa Monica office properties, 604 Arizona Ave. and 3401 Exposition Blvd., for a combined gross proceeds of $72.5 million before prorations and closing costs. The buyers were not disclosed by the REIT company at this time.
The transactions will result in approximately a $22-million gain to be recognized in the third quarter according to Hudson Pacific’s statement, with net proceeds used to repay amounts outstanding on its unsecured revolving credit facility.
Victor Coleman, Chairman & CEO of Hudson Pacific commented earlier this month when announcing second-quarter results about the impact of Hollywood strikes: “We continued to focus on the controllable aspects of our business during the quarter…A strike of this magnitude can be extremely impactful and far-reaching.”
