Hudson Pacific Sells 2 Santa Monica Office Buildings
Hudson Pacific Properties sold two office buildings, 604 Arizona Ave. and 3401 Exposition Blvd. in Santa Monica, for $72.5M.
“Combined, the two transactions will result in approximately a $22 million gain to be recognized in the third quarter,” HPP wrote in a release about the sales.
The buildings sold in separate transactions. Public records don't yet reflect the sales, and buyers weren't disclosed.
The three-story building at 604 Arizona totals 44K SF. It is the headquarters for online job board ZipRecruiter, which has a lease for the entire building set to expire in May 2025, CoStar reported when the HPP put the building up for sale earlier this year.
3401 Exposition, a 63K SF building, is leased to post-production firm Company 3. Company 3’s parent company, Deluxe Entertainment Services, signed a 12-year lease for the space in 2013. Company 3 also leases 70K SF at HPP’s Harlow campus in Hollywood.
HPP said it is going to use the money from the sales to repay some of the balance on its unsecured revolving credit facility.
