Blackstone Sells West Coast Office Building For $311M
Hudson Pacific Properties just purchased a West LA office building near Brentwood (11601 Wilshire Blvd) from the Blackstone Group for $311M, or $621/SF.
Blackstone bought the building for $163.8M a decade ago. The firm has sold off several LA office buildings since November.
The 500k SF Class-A tower, known as the Wells Fargo Center, has been Hudson Pacific’s corporate HQ since it went public in July 2010, according to The Real Deal.
Hudson Pacific currently takes up 20k SF of the building.
The firm plans to pay for the building with funds from selling the Landing in Playa Vista for $80M to the Mani Brothers, the sale of an office building in Burlingame, and the repayment of a loan for the Broadway Trade Center in downtown LA.
The West LA purchase is expected to close by July 31. [TRD]
