Hudson Pacific Properties has bought out its partner's 45% share of a Market Street office tower at an 80% discount from the purchase price.
The Los Angeles-based REIT paid about $44M for the Canada Pension Plan Investment Board's 45% share in 1455 Market Street, a 22-story building that once housed Uber's headquarters.
In 2015, Hudson Pacific sold the 45% share in the 1M SF building to the Toronto-based pension fund for $219M-meaning that this month's sale amounts to an 80% drop in the value of the building since the 2015 deal, from about $471/SF to $93/SF, according to a report in the San Francisco Business Times.
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