LOS ANGELES—Hudson Pacific Properties, the owner and operator of high-quality office, media and entertainment properties, has priced a public offering of common stock by selling stockholders. The company will offer more than 3.5 million shares of common stock through funds affiliated with Farallon Capital Management LLC. On March 19, the company’s shares traded at $23.03 per share.
Bank of America Merrill Lynch and Wells Fargo Securities are the sharing the duties of book-running managers for the offering, which is scheduled to close on March 25 under customary conditions. Hudson Pacific will not receive any of the proceeds from the offering. The company was unable to comment.
In the first quarter of 2013, Hudson Pacific announced an offering of 7.5 million shares of common stock, giving underwriters a 30-day option to purchase an additional 1.125 million shares at the public offering price. The company did not reveal the estimated net earnings, but said it would use the earnings for potential acquisitions and to repay outstanding borrowings.
Hudson Pacific has recently spent significant capital to expand its Seattle portfolio. Recent transactions include the January acquisition of Merrill Place in the Pioneer Square market for $57.7 million and the purchase of an office portfolio for $367 million.