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Peninsula Office Park[/caption]SAN MATEO, CA - Hudson Pacific Properties has sold the six remaining buildings in Peninsula Office Park here for $210 million. The all-cash transaction represents a 5.1% premium to the company's GAAP basis.Buildings 1-5 and 7 of the park total 447,739 square feet and, as of the end of the first quarter of this year, were 83% occupied.Victor Coleman, Hudson Pacific's Chairman and CEO, stated, “The sale of Peninsula Office Park's remaining six buildings exemplifies our approach to recycling capital to further focus on strategic holdings in our core markets. We will continue to enhance our already high-caliber office portfolio by capitalizing on favorable market conditions, and we are always looking for creative ways to maximize value for our shareholders.”
Peninsula Office Park[/caption]SAN MATEO, CA - Hudson Pacific Properties has sold the six remaining buildings in Peninsula Office Park here for $210 million. The all-cash transaction represents a 5.1% premium to the company's GAAP basis.Buildings 1-5 and 7 of the park total 447,739 square feet and, as of the end of the first quarter of this year, were 83% occupied.Victor Coleman, Hudson Pacific's Chairman and CEO, stated, “The sale of Peninsula Office Park's remaining six buildings exemplifies our approach to recycling capital to further focus on strategic holdings in our core markets. We will continue to enhance our already high-caliber office portfolio by capitalizing on favorable market conditions, and we are always looking for creative ways to maximize value for our shareholders.”NOT FOR REPRINT
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