LOS ANGELES-Former executives of Arden Realty have filed an IPO for 12.8 million shares at $17 per share for a new REIT called Hudson Pacific Properties, which owns Hollywood's storied Sunset Gower Studios and seven other office and entertainment properties. The company expects to raise $217.6 million, with proceeds of $210.5 million for the new REIT.

The former Arden execs at Hudson are Victor Coleman, the company's chairman and CEO, and president Howard Stern, who were with Arden during the years the company grew into the largest office landlord in Southern California. The Hudson executive team also includes CFO Mark Lammas, former EVP of investments at Maguire Properties (now MPG Office Trust).

Hudson Pacific's initial portfolio will total approximately two million square feet in Southern and Northern California. In addition to Sunset Gower Studios, the portfolio includes Sunset Bronson Studios in Hollywood, plus five properties in Southern California and one in San Francisco. The new REIT says that it will be "focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California," according to an announcement Wednesday and its SEC filings.

The Hudson Pacific offering comes several years after Coleman and Stern founded a company called Hudson Capital LLC to combine the Sunset Gower Studios and the former KTLA/Tribune Studios in Hollywood. The Sunset Gower lot was originally the home of Columbia Pictures in the 1920s and was the studio where a host of movie classics were filmed, including “Mr. Smith Goes to Washington,” “From Here to Eternity,” “On the Waterfront,” “The Bridge on the River Kwai” and others. Hudson also developed the first new office building to be constructed in Hollywood in the past 20 years, a 115,000-square-foot post-production building occupied by Technicolor.

The Sunset Gower and Sunset Bronson studios total more than 857,000 square feet, according to Hudson's SEC filings. Its office properties, in addition to the Technicolor Building, include the nearly 334,000-square-foot City Plaza in Orange, the 222,423-square-foot First Financial building in Encino, the 113,000-square-foot Del Amo building in Torrance, the 104,234-square-foot Tierrasanta in San Diego and 286,270 square feet at 875 Howard St. in San Francisco.

Hudson Pacific's shares will trade under the symbol HPP on the New York Stock Exchange. The IPO is expected to close on June 29, and the underwriters have been granted a 30-day option to purchase up to an additional 1.9 million shares.

The $210.5 million in expected proceeds will include a private placement of $20 million of common stock to Coleman and certain investment funds affiliated with Farallon Capital Management at the initial public offering price. The company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership.

BofA Merrill Lynch, Barclays Capital and Morgan Stanley are the joint book-running managers for the offering. The co-managers of the offering are Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets.

Hudson Pacific is one of a number of Southern California companies and individuals that filed registration statements for IPOs in the past six or eight months. Others include a proposed REIT IPO by Woodland Hills-based Younan Properties Inc. and a filing by Arden Realty founder Richard Ziman for a REIT called Halvern Realty Inc.