Hudson Pacific Gets Busy with California Office Deals
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Wells Fargo Center, 11601 Wilshire Blvd., Los Angeles
Los Angeles—Hudson Pacific Properties Inc. is buying its corporate headquarters at 11601 Wilshire Blvd. and using the sale of a San Francisco Bay area office building to help fund the $311 million purchase of the office tower.
Hudson Pacific entered into an agreement with Blackstone to acquire the 25-story, 500,475-square-foot tower in West Los Angeles from funds managed by the private equity giant. The real estate firm has had its corporate headquarters at the building since its July 2010 initial public offering.
The building, known as the Wells Fargo Center, is 83 percent leased. Hudson Pacific said in a news release that the acquisition would be a value-add play through enhanced operations, lease-up of vacant space and re-leasing of space at market rents above current rents. The deal is expected to close by July 31…
