Hudson Pacific Properties has closed the sale of Skyport Plaza, a 419,000-square-foot office property in North San Jose for $75.5 million before prorations and closing costs.
The company also sold a real estate asset associated with the wind-down of certain Quixote operations and will use all net proceeds from both sales to pay down its unsecured revolving credit facility, leaving an outstanding balance of $30 million.
“The monetization of Skyport Plaza, a largely vacant asset that would have required significant capital to lease up, adds to our liquidity and provides greater financial flexibility to fund leasing at our higher-potential properties and support ongoing operations,” said Victor Coleman, chairman and CEO at Hudson Pacific. “We have now successfully closed five sales transactions this year, bringing gross proceeds from dispositions to nearly $190 million.”
