Approximately one year after it was placed on the market, Hudson Pacific Properties announced in its fourth quarter earnings report that it sold one of its Hollywood office properties for $96 million, or about $467 per square foot. According to public records, the property was acquired by Long Beach-based Harbor Associates.
Located at 6922 Hollywood Blvd., the 12-story building totals 205,189 square feet, previous reporting from The Registry shows. The office building is situated in the center of Hollywood and includes more than 34,000 square feet of ground floor retail amenities as well as a 420-space parking garage.
The property was built in 1967 and has received numerous renovations since then. Hudson Pacific has owned the property since 2011, when it was purchased from CIM Group for $92.5 million, or about $450, according to an announcement from the time of the sale.
The new owner of the property, Harbor Associates, was founded in 2015 and has since acquired more than 4 million square feet of commercial real estate throughout Southern California and Denver.
Hudson Pacific was founded in 2006, and owns numerous studio and office properties across the West Coast. According to the company’s fourth quarter earnings report, Hudson Pacific has, over the past year, executed 76 new and renewal leases across its portfolio totaling approximately 517,131 square feet. The firm also continues to add to its portfolio with the development of several properties, such as Sunset Glenoaks, a 241,000 square foot studio in Los Angeles that will be delivered in the second half of 2023.
“In 2022, we stayed focused on areas of the business that we can control, leveraging our unique expertise and full-service platform to successfully advance our strategy to own and lease highly amenitized, collaborative and sustainable office and studio properties in highly desirable locations,” Victor Coleman, Chairman and CEO of Hudson Pacific, said.
