Hudson Pacific raises $72m with sale of two L.A. office properties
Hudson Pacific Properties has divested through separate transactions two Los Angeles office properties, 604 Arizona and 3401 Exposition, for aggregate gross proceeds of $72.5 million before prorations and closing costs. The new owners were not disclosed.
604 Arizona Avenue is a three-story, 44,260-square-foot office property situated among leading technology and media/entertainment companies in Santa Monica.
3401 Exposition is a single-story, 66,376-square-foot creative office space in Santa Monica.
“We continued to focus on the controllable aspects of our business during the quarter, which included leasing and expense management, given the industry challenges we are working to navigate. Last month, the national entertainment strike expanded, with the actors joining the writers on strike for the first time since 1960,” said Victor Coleman, chairman and CEO, Hudson Pacific Properties,