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Hudson Pacific closes purchase of West LA headquarters building

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Hudson Pacific closes purchase of West LA headquarters building

Hudson PacificProperties Inc. finalized its acquisition of 11601 Wilshire Blvd. in West Los Angelesfor $311.0 million.

The 500,475-square-foot property, which is Hudson Pacific'sheadquarters, is 83% leased. The company plans to spend capital to growoccupancy at the asset.

It financed the purchase with about $80.0 million in netproceeds from the sale of One Bay Plaza and the repayment of the Broadway TradeCenter note, $150.0 million from a private placement of 3.98% senior guaranteednotes due July 6, 2026, and a draw under its unsecured revolvingcredit facility.

Hudson Pacific also said it secured an additional $50.0million from a private placement of 3.66% senior guaranteed notes due Sept.15, 2023. It expects to access those funds on or before Sept. 15to pay down the balance under its unsecured revolving credit facility or forgeneral corporate purposes.