NEW YORK CITY-The second quarter of this year posed especiallyrough sledding for IPOs. In May and June, as the European debtcrisis roiled markets globally, more than 30 companies worldwidepostponed their offerings or withdrew them outright, according toBloomberg. Among the companies making—and shelving—IPOs this yearhave been five REITs, two of which were canceled.

One that successfully crossed the finish line wasHudsonPacific Properties, a REIT growing out of HudsonCapital LLC that raised $218 million in late June in an IPO pricedwithin its range of $17 to $19 per share. A complex transactionthat entailed shareholders Farallon Capital Management and MorganStanley contributing properties as part of the offering, itreportedly was only the second REIT IPO to price within its rangesince 2007. David Lazarus, senior managing director of EdgeRockRealty Advisors, which advised Hudson Pacific, tells GlobeSt.comthe new REIT’s experienced management team and its willingness tostick to its guns helped bring about the IPO’s success.

“What Hudson getting done, and other deals not getting done,tells you is that the market is choosy,” says locally basedLazarus, who previously spent 12 years as a managing director withLehman Brothers’ global real estate group. “The market isexercising discretion over what deals it thinks makes sense.”