Hudson Pacific Properties, Inc. and Macerich have announced the sale of One Westside and Westside Two in Los Angeles for $700 million to the Regents of the University of California. The joint venture between Hudson Pacific and Macerich, which owned these assets totaling approximately 687,000 square feet, has successfully completed this opportunistic transaction.
According to Victor Coleman, chairman and CEO of Hudson Pacific Properties: “The sale of One Westside and Westside Two is a significant achievement that strengthens our balance sheet with no debt maturities until year-end 2025.” He further added that their transformation efforts on the former Westside Pavilion mall into a modern campus environment have attracted two high-quality end-users. This showcases their ability to create value through development expertise while maintaining strong relationships.
Last week’s report by Connect CRE had hinted at this pending sale; however it remains unclear what plans UCLA has for the former mall space at present.
Photo courtesy: Matt Construction
