SEATTLE-Hudson Pacific Properties, Inc. hasentered into a purchase agreement to acquire a four-building,836,419 square-foot office portfolio here. The acquisition issubject to customary closing conditions. In separate transactions,the company also announced today the acquisition of 3401Exposition Boulevard in Santa Monica, CA,and the disposition of its City Plaza property inOrange County, CA.

Hudson Pacific plans topurchase the Seattle office portfolio from Spear StreetCapital for approximately $367.5 million. The companyexpects to close the transaction by the end of July. The purchaseprice is expected to be paid from a combination of cash-on-hand,asset-level indebtedness and the company's corporate creditfacility. The assets in the portfolio consist of:

• 505 First Street & 83 King, situated alongthe waterfront in Pioneer Square and adjacent to the Alaskan WayViaduct redevelopment project, the two-building, 472,881square-foot project combines a historic, brick and timber buildingwith a newly constructed creative office building. Originallyrenovated and developed by Starbucks CoffeeCompany, the project is 90% leased to such tenants asCapital One/ING Direct, EMC Corporation and NuanceCommunications. The asset's waterfront location affordsviews of Elliott Bay, Olympic Mountain Range and Downtown Seattleand access to the burgeoning amenities of Pioneer Square,CenturyLink Field and Safeco Field.

• Met Park North, located in South Lake Union,one of the most competitive submarkets in Downtown Seattle, theproperty contains 189,762 square feet and is approximately 99%leased, with 74% of the building to be occupied byAmazon.com, Inc. under a lease expected tocommence November 2013 through October 2023.

• Northview Center, situated in theEdmonds/Lynnwood submarket of Seattle's Northend,the property contains 173,776 square feet and is 89% leased to suchtenants as ADP and FEMA. The property has an in-place averageremaining lease term of 4.7 years with no significant rolloveruntil 2016.

“We are very pleased to announce Hudson Pacific Properties'entry into the Pacific Northwest with these compelling assets,”said Victor Coleman, chairman and CEO of HudsonPacific Properties, Inc. “Seattle has long been a target market forus. We believe the region's underlying economic fundamentals areamong the best in the nation and rival those of San Francisco andWest Los Angeles, two of our other core markets. The purchase ofthis sizable portfolio also provides us immediate critical mass inthe region, with a beachhead in some of the most vibrant submarketsin Downtown Seattle. Importantly, we expect the strong occupancyand high quality tenancy to offer stable cash-flow over thenear-term and will be immediately accretive for Hudson.”

The Eastdil Secured group of WellsFargo Securities, LLC advised the seller, SpearStreet Capital, on this transaction.