Office Property Gets Unsolicited All-Cash Offer

Patrick Henry Drive is a two-story office building built in 1981 (photo courtesy of 42 Floors).

SANTA CLARA, CA—Hudson Pacific Properties Inc. acquired a 70,520-square-foot R&D office building located at 3055 Patrick Henry Dr. as part of the San Francisco Peninsula and Silicon Valley portfolio purchased in April 2015 from Blackstone. An affiliate of KT Properties, Urban Inc. recently purchased the office property for $19 million before certain credits, prorations and closing costs. The sale was an all-cash, off-market transaction and the asset was entirely vacant at the time of sale.

Victor Coleman, chairman and CEO of Hudson Pacific Properties, tells Globest.com: “Hudson Pacific Properties sold Patrick Henry Drive at a gain after receiving a compelling, unsolicited offer. This was an opportunistic transaction involving a property that was non-core to our portfolio.”