LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, announced today that it has closed on the sale of a non-core Palo Alto office property, 3176 Porter, for $24.8 million before prorations and closing costs. The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility. As previously announced, the company also has under contract the sale of a second non-core Palo Alto office property, Foothill Research Center, that is targeted to close in first quarter 2025.
“The timely sale of non-core assets at attractive pricing, such as 3176 Porter, once again underscores our team’s resourcefulness in generating liquidity and ability to maximize value,” said Victor Coleman, Chairman and CEO. “It is our intention to continue to secure additional strategic asset sales and to build on the strong leasing progress we have made to date in 2024 as we move into the new year.”
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.
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