Hudson Pacific Properties has formed a joint venture with Macerich to transform the approximately 600,000-square-foot Westside Pavilion in Los Angeles into approximately 500,000 square feet of state-of-the-art creative office space, while retaining the approximately 100,000 square feet of existing entertainment retail space. The joint venture will be held 75 percent by Hudson Pacific and 25 percent by Macerich.
“The project is poised to capture the strong demand from tenants for creative office space on the west side of Los Angeles,” said Victor Coleman, chairman and CEO of Hudson Pacific.
The companies estimate total project costs, including the asset value at contribution, in the range of $425million to $475 million, with each partner contributing their pro rata share. The construction is expected to be completed by mid-2021. Hudson Pacific will serve as the joint venture’s managing member and the property’s day-to-day operator and developer.
