Hudson PacificProperties Inc. initiated an underwritten public offering of 16.0million shares of its common stock.
The offering consists of 15,597,686 shares offered by thecompany and 402,314 shares offered by certain funds affiliated with .
The company intends to use the net proceeds to acquire anaggregate of 15,500,000 common units of limited partnership interest in itsoperating partnership, Hudson Pacific Properties LP, from certain affiliates ofBlackstone Group LPand 97,686 units of limited partnership interest in the operating partnershipfrom the Farallon funds.
Following completion of the offer, Blackstone and theFarallon funds will own approximately 26% and 2.3% of Hudson Pacific,respectively.
The company will not receive any proceeds from the sale ofshares by the Farallon funds.
BofA Merrill Lynch is the sole underwriter for the offering.