Hudson Pacific Properties and Macerich announced the sale of One Westside and Westside Two in Los Angeles to the Regents of the University of California for $700 million before prorations and closing costs.
Hudson Pacific held a 75 percent interest and Macerich a 25 percent interest in the joint venture that owned the assets, which total approximately 687,000 square feet.
“The opportunistic sale of One Westside and Westside Two significantly bolsters our balance sheet and we now have no debt maturities until year-end 2025,” said Victor Coleman, Chairman and CEO of Hudson Pacific.
Tom O’Hern, Macerich CEO, added, “This transaction is an excellent example of how Macerich consistently makes the most of our opportunities to maximize value for our stakeholders. Net proceeds enable us to further deleverage and improve our liquidity profile, allowing us to more aggressively advance Macerich’s successful densification-diversification strateg