Hudson Pacific Sells Playa Vista Asset for $80M
- Nov 10, 2016
Los Angeles—Hudson Pacific Properties Inc. announced it has completed the sale of an 100,756-square-foot office redevelopment for $80 million. Located at 12655 Jefferson Blvd. in Playa Vista, Calif., the transaction closed following full pre-leasing to tenant WeWork, which occupies 82,889 square feet of space, and Dentsu Aegis Network, which occupies 20,000 square feet, and completion of construction and tenant build-outs.
The company plans to use the sale proceeds to repay amounts drawn from its unsecured revolving credit facility. The six-story property was originally built in 1985 and was completely renovated in 2015.
“The Playa Vista transaction is another example of Hudson Pacific’s success in repositioning aging properties to create significant value for investors,” Alex Vouvalides, chief investment officer of Hudson Pacific Properties, told CPE. “We turned 12655 Jefferson into an office and creative workspace ideal for employee productivity and collaboration. Our ability to identify opportunities and transform portfolio assets is what we do best.”
The building features 4 elevators, 300 parking spaces and high ceilings. The Playa Vista asset was previously owned by HighBrook Investment Management.
Image courtesy of Hudson Pacific Properties