Office investors may soon have the chance to invest in two Class A buildings currently owned by Hudson Pacific, after plans to place them on the market were recently made known in a SEC filing. According to the filing, the company is holding for sale two Los Angeles area properties totaling 318,189 square feet. It is unclear when the properties will be made available or the prices at which the properties will be listed.
“We ended 2021 by reaching the high end of our outlook in another pandemic-challenged year as we benefited from our ongoing diversification of owning studio and office properties,” said Victor Coleman, Hudson Pacific Properties’ Chairman and CEO in a statement. “As the demand for content continues to expand, we are well positioned to benefit in the coming years.”
The first property, Del Amo, is located at 3501 Sepulveda Boulevard in Torrance, Calif., and totals 113,000 square feet. The five story office building was developed by Hudson Pacific in 2020 and includes a number of flexible features and amenities, including a two-story auditorium for meetings and flexible floorplates. Located in the heart of Torrance, the property is also near a number of dining and hotel amenities.
The second property is a 205,189 square-foot office building located at 6922 Hollywood Boulevard. The Class A 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. According to the earnings statement, 147,388 square feet – or about 71.8 percent – of the building is currently occupied by multiple tenants. Rent at the property also averages $52.80 per square foot. Property records also indicate that the property was purchased by Hudson Pacific in 2011 for $50.25 million, or nearly $245 per square foot.
The company is planning to put several other West Coast properties on the market this year as well. These include the 246,977 square-foot Skyway Landing in the Bay Area and the 179,985 square-foot Northview Center building in Lynwood, Wash. In total, the company aims to place 745,171 square feet of office space on the market.
Hudson Pacific is a real estate investment company with a focus on the development and acquisition of office and studio properties. Currently, the company’s portfolio totals more than 20 million square feet, including land for development. Hudson Pacific’s properties are occupied by a number of tech and media tenants, including Google, Netflix, Riot Games, Square and Uber, among others.
