Hudson Pacific Sells Santa Monica Asset

The 50,687-square-foot office redevelopment sold for $35 million.
3402 Pico Blvd., Santa Monica
3402 Pico Blvd., Santa Monica

Los Angeles—Hudson Pacific Properties Inc. has completed the sale of 3402 Pico Blvd. in Santa Monica, Calif., encompassing a 50,687-square-foot office redevelopment and two acres of land, for $35 million before credits, prorations and closing costs. The net proceeds from the sale will go towards the company’s pending acquisition of Hollywood Center Studios, which is expected to close on May 1, 2017.

The three-story Class A property was built in 1969 and underwent a cosmetic renovation in 2015. Trammell Crow sold the asset in 2014 as part of a $18.5 portfolio transaction which also included 5,337 square feet of residential space at 2403 Centinela Ave. According to Los Angeles county records, the property was last assessed at $14.3 million.

The asset is located on Interstate 10 and just off Interstate 405, close to several retail areas.

Image via Yardi Matrix