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Hudson Pacific to sell Calif. redevelopment asset in $80M off-market deal

Hudson PacificProperties Inc. is selling its 12655 Jefferson asset in Playa Vista,Calif., in an off-market deal signed April 25.

The sale price is $80.0 million, before certain credits, prorationsand closing costs, equating to a 30.0% premium over Hudson's projected basis asof the sale. The company accepted the "compelling" offer after successfullyleasing its lone holding in the Playa Vista submarket, according to an earningsrelease.

The redevelopment property comprises 100,756 square feet andis now 100% pre-leased. The transaction is anticipated to close during the fourthquarter after the project's delivery and completion of the tenant build-outs forWeWork and Dentsu Aegis Network.