Hudson Pacific Properties, Inc. (HPP): M&A transaction — Hudson Pacific/Macerich sell One Westside/Westside Two for $700M to UC

Hudson Pacific Properties, Inc.

Gross sale price $700M; Hudson Pacific (75% JV interest) repaid $324.6M construction loan.
Net proceeds used to pay down unsecured revolving credit facility; no debt maturities until year-end 2025.
Pro forma net debt to undepreciated book value improved to 35% from 39% as of Sep 30, 2023.
Buyer is The Regents of the University of California; total property ~687,000 sq ft.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Hudson Pacific Properties, Inc. completed a disposition involving The Regents of the University of California for $700.0 million (closed 2023-12-27).

Action: disposition
Counterparty: The Regents of the University of California
Consideration: $700.0 million
Closing: 2023-12-27

Exact text from the filing

completed the sale of the property located at 10800, 10830 and 10850 West Pico Boulevard, Los Angeles, California, commonly known as "One Westside" and "Westside Two" (collectively, the "Property"), for a gross sale price of $700.0 million (before certain credits, prorations and closing costs). The Property was sold to The Regents of the University of California

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Hudson Pacific Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001482512-24-000006

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